Technology continues to permeate every aspect of our lives and consumers seek simpler, more streamlined digital solutions for everything from shopping for groceries to buying insurance. While some companies find themselves forced into technological change and describe it as ‘a necessary evil’ rather than a welcome change, others embrace the opportunity.
A recent article in CIO magazine describes how GNP, a Mexico-based insurance company, made impressive strides in using technology to fundamentally change the user experience as well as streamlining their own processes. Enrique Ibarra, GNP’s director of systems, describes their approach, “We now give our end customers an omnichannel experience through state-of-the-art mobile apps and a web portal. That means that customers can start a claim, relating to something like a car accident, by just opening an app on their phone and pressing a red button. We immediately know where they are, can reach out to them immediately and send an adjuster. Alternatively, if the accident isn’t that serious then they can just shoot a couple of pictures, send them through the app and they’re done.”
The company has also changed how dispatchers are deployed, replacing a manual process of finding the closest adjuster with an algorithm that automatically assigns an adjuster based on their availability, real-time location and local traffic information. The customer is informed about their assigned adjuster and through an Uber-like interface, can track their progress towards the site of the accident.
Another interesting report from McKinsey “Digital disruption in insurance: cutting through the noise” found that automation can reduce the cost of the claims journey by as much as 30%”. Implementing digital solutions such as fast online quotes, the ability to buy insurance and report claims online or via an app not only leads to more satisfied customers but also lowers costs for businesses. This can be described as the ‘triple prize’: satisfied customers, lower costs, and as a result, higher growth.
Traditional insurance has many inefficiencies. “With all the baffling terms and conditions, endless paperwork and impersonal treatment, people end up worrying about the handling of their plan and contract – which defies the whole purpose of insurance.” says Andrew Shaw, founder of the company Coya. He also believes technology can help the insurance industry to ‘speak millennial.’ With over 25 years of experience in insurance, our company QuotePro is focused on a bright technology future for insurance. We have clients who are generating over 25% of revenue and 50% of payments from QuotePro Website and Mobile App technologies.