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Insurance Industry: 12 Trends for 2021
As we enter the new year, it’s once again time to examine the industry trends and emerging technologies that are...
Digitization is finally gaining momentum in the insurance industry. TransUnion has identified insurance digitization as one of the four insurance trends resulting from COVID-19. Digitization efforts grew 20% in the past year, and rapid digitization is expected to strengthen in 2021.
Insurance payments are going digital. Many insurers already accept inbound premium payments from policyholders. Now outbound claims payments are also catching on. These changes will bring benefits to both insurance companies and insurance customers. However, before these benefits can be realized, there are six challenges that must be overcome.
In the claims process, speed matters. The 2019 J.D. Power U.S. Auto Claims Satisfaction Study found that customer satisfaction with the claims process had reached an all-time high, an improvement that was fueled by shorter cycle times.
Want to keep your policyholders? Then you better keep them happy. There are almost no second chances. In today’s switching economy, you can’t count on loyalty.
Insurers are under increased pressure to improve their profitability, and digitalization provides a clear way forward.