For 50-odd years, the way insurance has worked has remained the same. But in the last few years, catalysed by the pandemic, the rise of digital solutions and insurtech looks to break down historical insurance preconceptions have emerged.
It is all well and good to hear about the latest technologies being implemented in insurance and insurtech, but without actually having success stories, it is difficult to determine their impact. With this in mind, we wanted to highlight how insurtechs have been able to successfully help their customers.
Arun Balakrishnan, chief executive officer, Xceedance
“Xceedance delivers omnichannel policyholder value by providing scale for our client’s internal processes during peak periods. One of our key property insurance clients was facing challenges managing significant policyholder call volumes during the troubled covid-19 times, not to mention the evolving nature of issues that needed to be mitigated.
“The Xceedance team stepped in to prevent the risk of the client missing their required service standard. While our team of insurance experts was trained in the clients’ processes, they had to continually adapt to the growing policyholder challenges. The calls were of diverse nature such as flood-related queries or a rate increase in the market.
“While the Xceedance team added capacity to the insurer, we also needed to maintain a quality standard of 95 per cent. We configured and designed a technology solution in the cloud that enabled our service delivery. Furthermore, the responders were now digitally enabled to adapt to customer queries seamlessly. Consequently, that led to a quality rise of almost 97 per cent.”
Ilan Buganim, chief technology and information officer, Sapiens
“Sapiens has been working with insurance carriers worldwide to help them improve their customer engagement systems and processes. For example, Hiscox, a commercial insurer, relied on agents as the primary channel for customer claims, but it lacked a more automated experience desired by customers.
“Sapiens Decision helped Hiscox develop a new claims experience by using decision management to minimize the required information for making a claim. The solution works by automating standard decisions and streamlining information gathering. Customers answer only those questions relevant to their claim.”
Eoin Lyons, CEO, Opal Group
“We’ve observed some interesting recent developments. Especially where insurance is being promoted in digital banking channels by tailoring offers to customers based on very smart insights gained from financial history.
“We’ve also seen stripped simple products offered to specific demographics where they do resonate – e.g short-term protection for renters and cancer-only critical illness products for younger women. This doesn’t solve the overall problem of making customers buy the insurance they need but it remains to be seen if these great ideas do indeed get traction.”
Yaniv Hakim, founder and CEO CommBox
“CommBox solution for Clal Insurance, one of the largest private insurance providers in Israel:
“CommBox’s AI-powered digital customer communications platform is integrated into multiple services. These include B2B centers, insurance field agents, B2C centers, claims, health, travelling, and pension.
“Digital channels: WhatsApp, SMS, Facebook Messenger, and email
“Use cases for consumers: Change in policy, document retrieving, travel insurance assistance, quotes, status, lead qualification, customer satisfaction survey:
1. 60 per cent of all engagements served on messaging channels, primarily WhatsApp
2. 57 per cent of inquiries are resolved through automation
3. 80 per cent customer Satisfaction Score (CSAT) on messaging channels”