4 min read
A Superior Experience: Digital Insurance Premium Refunds & Agent Commission Payments
To account for a reduction in driving during the pandemic, auto insurers gave back more than $18 billion in premiums,...
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.
Gone are the days of default customer loyalty and complacency. Today, people want the ability to research, compare, engage with, purchase from, and have ongoing access to their favorite brands. At any time, from any place, on any device, both online and offline. With the option to choose between automation and a human representative - preferably one who can communicate effectively with a pleasant blend of empathy and humor. And if the company is environmentally and socially responsible, all the better!
Mobile technology has transformed the way consumers interact with businesses. Anybody with a smartphone can quickly and easily compare insurance companies, get real-time quotes, purchase policies, make payments, and file claims — from anywhere and at any time. According to the IBM Insurance Blog, “When it comes to mobile technology, the most important thing to do is get started.” The article also warns of dire consequences for insurers that are still “planning to embrace mobile,” but haven’t yet begun.
In part one of this two-part article, we introduced the insurance ecosystem and discussed how insurers can take advantage of this new business model. In part two, we’ll dive deeper into the benefits of an integrated digital ecosystem and cover some real-world examples of the insurance ecosystem in action.
It's been said that ecosystems are the future of insurance. But what exactly is an ecosystem? In part one of this two-part article, we’ll look at the basics of this new, integrated business model — what it is, how it works, and why it’s important for insurers to pursue ecosystems as a priority.