Rapid technological advancements in the past few decades have led to a paradigm shift in a variety of sectors and the insurance industry is no exception. Tech has played an integral role in reshaping the insurance industry where the focus is not only on simplifying the overall experience for customers, but also on achieving better operational efficiency. Given the onslaught of breakthrough technologies like Artificial Intelligence, Big Data, and Machine Learning, the insurance sector too has changed and is changing for the better.
Impact of Breakthrough Technologies In Insurance Sector
You might have already heard a popular saying, “In God we trust, all others must bring data,” and it couldn’t be truer for the insurance industry that strongly relies on data collection and risk analysis. This is why, Big Data plays a very crucial role in the insurance sector. So, for instance, if a Life Insurance Company wants to calculate a term insurance premium and risk involved for a person, it could use big data to arrive at a prudent decision. Big data can help in this by showing patterns in lifestyle changes or employment or other factors that can have a risk impact. This analysis can be used to arrive at a premium for the life insurance.
Similarly, It’s important for insurance companies to put customers at the heart of everything that they do to drive better service. This is where Artificial Intelligence (AI) plays a big role. One way it helps is by offering automated personalized experiences based on the data provided by the customers. A good example is a chatbot that makes use of machine learning, a subset of AI. So, in addition to offering a quick resolution to a customer’s specific query, a chatbot can also make personalized recommendations based on their interests, lifestyle, and needs. This data-driven decision making not only helps ramp up the individual customer experience but is also great for streamlining the insurance processes. AI also helps insurance companies understand the customers’ future behavior and patterns, which in turn, helps them develop customer-relevant financial products.
Role of Digitization
Digitization has affected every facet of the insurance industry where the traditional approach that was riddled with paperwork has now shifted to an online space. So, whether it be accessing information around insurance policies, buying an insurance policy, insurance processing, or claims management, everything is possible with just a few clicks on smartphones or computers. There’s no need to call different insurance offices to get insurance quotes or go to an insurance office to understand different products. All insurance companies have fully functional websites that pack in all the insurance-related information and help!
In fact, certain companies have taken it all a step further where one can now seek personal support and advice from company representatives digitally for all insurance-related queries. Take, for example, Bajaj Allianz Life Insurance, one of the leading private Life Insurance company in India that offers need-based life insurance products like a term insurance and other insurance products to its patrons.
Bajaj Allianz Life Insurance is putting to use the latest technology through its ‘Smart Assist’  offering, which is a visual assistant that offers screen-to-screen digital assistance for the consumers from the comfort of their homes.
What’s great about ‘Smart Assist’ is that it offers a personalized approach to problem-solving depending on the customer’s life goals and needs instantly. You, as a consumer, can now get digital assistance on your buying journey if you have planned to buy term insurance or any other life insurance products at your convenience! Its real-time screen sharing, expert advice, and chat option, is a big help, especially given the current times when in-person interactions are being discouraged by the customers.
Moreover, the ‘Smart Assist’ is a 100% secure platform with end-to-end encryption, providing you with a secure environment. Also, it is very simple to use! You will have to approve and click on a link shared by the company to kick off the co-browsing session.
Summing it up, technology is already playing a major role in the insurance sector and is poised to transform it even more in the future. In addition to modernizing the overall insurance process, technological progress is also helping make things a lot smoother for you, the customer.
You can get your Life Goals Done with ‘Smart Assist’ – BINA MILEY MIL-KAR with Bajaj Allianz Life Insurance today to get digital assistance during your buying journey keeping in view the current social distancing norms.
Disclaimer:  The purpose of SMART ASSIST application by Bajaj Allianz Life is to provide digital assistance to customer keeping in view the social distancing norms and customer safety to be maintained due to the COVID 19 pandemic