With more than 6,000 attendees in 2018, InsureTech Connect is arguably the most important and influential insurance conference in the world. In only its third year, this gathering of the insurance industry’s movers and shakers is already making a massive impact in the space. From tech companies like Zipwhip to insurance providers and investors, attendants are often searching for the same thing: innovative technologies to improve and enhance the insurance experience.
From chatting with hundreds of people at our booth and attending workshops with some of the industry’s most influential leaders, we gathered insights about the future of the insurance technology space.
Key Message: Customer Experience is King
In the insurance industry, nothing is more important than the customer experience. A positive experience drives more engagement which results in loyal customers. We heard this message over and over at InsureTech.
Insurance plays a crucial role in the darkest of times: death, property damage, car accidents, injury, sickness, etc. The emotional damage alone is hard for many people to deal with. Offering a convenient, friendly and expedited experience will make your customers will feel supported by your relationship. It proves to them that you have their back during hard times, which in turn will create loyal customers.
Here are some of the technologies out of InsureTech that we think will contribute to that shift in the overall insurance experience – from internal processes to customer relationships.
Top Insurance Trends: Drones, AI and Texting
Walking the trade show floor, we saw drones as one of the most exciting and cutting-edge technologies. In fact, drones are expected to have a 6.8 billion-dollar impact on the insurance industry. One of the easiest ways drones help insurance companies save time and resources is with claims assessments. Adjusters no longer need to venture into unsafe environments to understand damage – they can instead send a drone to take video and footage of the situation and then assess from a safe distance. Hurricane Harvey set a new precedent in 2017 for how drone technology can be used following natural disasters. Companies like Airbus are taking aerial assessment one step further, utilizing satellite technology to gather complex data. That data then allows insurance companies to work more efficiently, and make smarter, more strategic decisions. Cutting costs and minimizing the time it takes to close claims has a significant impact on customer experience.
AI, Machine Learning & Chatbots
This emerging technology has endless applications in the insurance space. For example, companies like Flamingo AI use data science and intelligent analysis to make the underwriting process incredibly precise. It can also help with risk analysis and CRM systems, and be used to create automated Chatbot experiences. Combining AI with other technology, such as drones, can mean automatically processed and analyzed aerial data. Artificial intelligence gives insurance companies the opportunity to make sense of complex data they collect and use it as strategically as possible.
Two-Way Business Texting
At InsureTech Connect – and most conferences for that matter – people are often dazzled by the industry’s latest and greatest. Drones, AI and machine learning are going to revolutionize the space, no doubt, but adoption is not always instant or easy. One of the great things about communication tools like Zipwhip business texting is they can be adopted with little to no IT involvement and require minimal training. In other words, texting is a low-hanging fruit that many companies can take advantage of to see great results instantly.
Zipwhip CMO, Scott Heimes, and Farmers Insurance Agent, Vince Moser, presented at InsureTech Connect on this exact topic. Text messaging allows insurance companies to easily exchange documents, resolve claims, convert more prospects, and with Zipwhip, you can do it all from your existing business phone number. Many companies start texting the same day they purchase a business-texting solution.
We’re excited to see how the insurance industry transforms in the next year and look forward to reconnecting with everyone at InsureTech Connect 2019! We had a fantastic InsureTech after party this year and will be sure to have one again next year.
If you’re looking for a painless way to improve customer experience, and want to give business texting a shot, contact us here.