In order to help people stay healthy to avoid Rx, the industry has self prescribed a preventive dose of DX…

The insurance industry is playing a vital role in building resilience and helping peoples to manage life and health risks. Leveraging the power of human connection and trust, field agents ensure that customers receive personalized and timely advice that meets their evolving needs. 

Today, technology is revolutionizing this relationship, but instead of making the agent-customer relationship obsolete, well-adopted technology enhances the relationship for an even better customer experience. 

Through the increased use of analytics and other technologies, insurance firms enhance the personal connection between agents and customers, because technology adoption — in and of itself — is not the goal, but a means to help people manage risks.

Digitalizing for better service

Insurance agents develop deep advisory expertise centered on the changing needs associated with customers’ life transitions. They cannot be replaced with technology. 

However, digitalization can make them better at what they do. Their firms can build a digital ‘activity management ecosystem‘ to support them, streamline their sales processes and reach their target market digitally.

From personalized pre-sales journeys to AI- and data-supported customer conversations, a digitalized insurance firm provides agents with advanced tools to revolutionize engagement at all levels, increase re-purchase, and ensure customer retention. It is not about increasing technology usage metrics, but rather about using these tools to achieve their worthy goals.

In achieving digital transformation (DX), firms can extend the reach of their distribution channels, keep in tune with customers’ needs, engage with them in ever-meaningful ways and thereby high quality advice and service. Even during the COVID-19 pandemic, when in-person meetings were restricted, the industry quickly found ways to maintain the customer connection.

Data driven trust

Traditionally, insurance providers have collected large amounts of personal information and demonstrated trustworthy professionalism in keeping such data confidential.

Today, they are collecting more data than ever from customers, and are cognizant of the great responsibility to use this information to provide a more efficient, caring and effective service. 

For example, to focus on prevention rather than cure, some providers roll out science-based wellness programs that reward customers for making healthy choices and allowing data to be collected in their lifestyle routines. This facilitates the use of advanced technology to add value to their efforts. At the macro level, the data allows providers to discern trends to innovate customized products and services that can serve people (not just customers but society as a whole) better. 

All roads lead to customer experience
Through the pandemic, the industry has accelerated digital transformation and pivoting to boost digital engagement — a trend that will become a mainstay.

For instance, at AIA, more than 95% of all new policies were issued electronically, and as much as 75% of claims and service requests were submitted online in in 2021. Much of internal operations and market initiatives incorporates AI or analytics to improve customer experience through personalization and efficiency.

There is much more to come. Continual partnerships with government health authorities and other technology firms will transform how individuals, payors, providers and corporates experience, and manage, health insurance, and healthcare delivery. This will lead to more inclusion and better health outcomes, build continuity and resilience for pandemic-readiness, and help millions of people in Asia to live healthier, longer, better lives.