New advances in technology and growing consumer needs are disrupting the insurance industry, challenging traditional business models and causing major shifts in how insurance companies interact with customers. Given how fast the market is transforming, it can be difficult for insurers to select and implement the right future-proof technology amidst all the change. But when given the right tools, insurance companies can turn change into opportunity – to reduce costs, increase efficiencies, improve the customer experience and improve the bottom line.
Stemming from the success of FinTech (financial technology), which refers to technological innovation in the financial sector, InsurTech (or InsureTech) is a term used to describe the strategic fusion of insurance and technology. This trend is growing in direct correlation with, and at the intersection of, the Internet of Things (IoT) and analysis. It’s truly revitalizing the insurance industry as a whole, making it more dynamic, sustainable and agile while also becoming more cost efficient for insurance companies.
During this week’s InsureTech Connect Conference, senior leadership from major insurance carriers, technology vendors and investors gathered to talk about the future of the insurance industry. Caribou Honig, chairman and cofounder of InsurTech Connect, predicted that soon there will be a coming of the Programmable Web for insurance technology, meaning that Insurtech will soon be “API-ified.” This would give greater access to data and monitoring technologies, which would then open up a marketplace for risk analysis, risk trading and risk-management solutions that together function as a reinvention of the insurance industry.
In thinking about the future, it’s important for insurers to think practically about what technological solutions meet their needs and can be implemented right now. In this context, texting fits in perfectly because it’s simple, easily accessible and traditional enough for insurance agents to feel comfortable using. Texting is also the most prevalent form of communication today, which lends itself to be very convenient for consumers to use. In a competitive field like the insurance industry, it can give insurers an edge that helps make conversations more human. To customers, texting reinforces, “You’re a person, not just a number.”
Companies looking to optimizing their operational performance through business texting should consider choosing a platform that:
- supports two-way texting;
- connects directly to wireless carrier networks,
- is secure; and
- supports best practices
Zipwhip’s two-way texting software is an ideal technology solution for the ever-changing and growing Insurtech industry. It not only meets the requirements listed above, it’s a robust product that solves real-world problems and integrates easily with existing processes. Zipwhip essentially makes text messaging available to existing landline, VoIP and toll-free phone numbers. Despite the wave of competitor chat apps that have come and gone, texting is a tool that has and continues to withstand the test of time. Business texting can help insurance companies leverage better data and customer experience to improve their risk assessments, insurance coverage and bottom line.