Harnessing tech and human interactions in life insurance
Technology is becoming one of the top risks facing the evolving insurance industry. However, in the life insurance industry, we’re beginning to see a transformation – one that combines the use of technology with the empathy of human interactions that our industry has set as a benchmark for properly doing business with.
Advancements in technology shouldn’t be seen as something to fear, but rather an opportunity to further enhance experiences for policyholders, brokers, and employees. Leveraging technology is only one part of the customer experience. Consumers are often looking for carriers that don’t see them as just another sale but also provide high-quality human touch experiences every step of their journey.
Rise of insurtech
Technology continues to be a driving force in today’s modern life insurance industry, allowing carriers to streamline the process in which they do business by meeting customers where they are, making their interactions smoother, more intuitive, and providing financial peace through a more outside-in customer-centric model. With this model, carriers can build more effective systems around the customer’s journey and adapt systems to their needs, not the other way around.
Deploying these technological advancements plays a key role in supporting the insurance industry’s efforts in providing personalized solutions that help carriers better adapt their processes and marketing to target customers now and in the future. These improvement processes also allow carriers to have more one-on-one time with their customers during the moments that truly matter, like when a life event occurs.
Enhancing the human experience
As with any business interaction, it’s important to build a strong foundation through human touch experiences and establish trust built on personal relationships.
Life insurance should be a set-it-and-forget-it style model. Curating a smooth experience so customers don’t need to spend their time worrying about their life insurance policy is crucial, but when they do need support, making sure they have the choice on how they would like to do business with their carrier is equally important.
By leading with a human-centric model and weaving in technological advancements to improve the process, you’re setting yourself up for success. Customers are looking for a more customized experience, and it’s our job as carriers to provide them with the options so they can choose what best suits them and their needs.
The customer experience intersection
When we combine the powers of technology and human-centric design, we begin to see automation that encompasses empathy and personalized service, making it easier for policyholders and brokers to do business. This involves making interactions less time-consuming through frictionless processes in an affordable and scalable way so you can spend more time focusing on those pivotal life moments that customers face.
While technology can provide natural language processing capabilities and immediate assistance and guidance, human interactions allow carriers to develop and build meaningful relationships while providing compassion and support for those complex inquires or emotional needs.
Building the future of life insurance
The intersection of technology and human interactions holds immense promise for the life insurance industry as we look forward. By harnessing the power of technology to enhance human experience, policyholders can unlock new frontiers to better support and enhance customer engagement, satisfaction, and loyalty.
This transformation will help to revolutionize the way business is handled and the way insurers connect with their consumers, anticipate their needs, and deliver value.
As the industry embarks on this journey, now is the time for carriers to begin weaving technological advancements into the insurance process. It’s important to embrace these enhancements and to focus on what’s possible versus what has always been done.
And as an industry, we should always remember that we are here first to help individuals navigate life’s journey while always keeping their financial peace top of mind.
