Now Easily Claim Insurance Online with Internet of Things - PNB MetLife

Now Easily Claim Insurance Online with Internet of Things - PNB MetLife

PNB MetLife 23-10-2018 11:00:24 AM
Now Easily Claim Insurance Online with Internet of Things - PNB MetLife

Internet of Things (IoT) all set to make insurance claims easier

One of the most important questions faced by insurance companies is how to prevent customer churn and ensure customer loyalty. In a survey conducted by Bain of 164,421 consumers in 19 countries, through Research Now, customer loyalty is significantly influenced by how customers find their experience when it comes to insurance claims.

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One of the ways in which insurance companies can improve customer experience in this area and boost loyalty is by leveraging technology such as IoT (Internet of Things). Customers are unhappy with the current claims process which takes days to come through and can further be delayed due to red tape or paperwork. Since customers already use technology and are used to instant results, implementing IoT can be of great help for customers who have life insurance policies or term insurance and are looking for a swifter way to process their claims.

Here’s a look at how IoT will impact claims process:

  1. Less paperwork - With IoT implemented systems, there’s less paperwork and as a result allows insurers to move more quickly. Customers who hate the thought of filling countless forms at the time of claiming their life insurance policy or term insurance will especially be relieved as this part of the process is eliminated significantly. This is a win-win for both customers and insurers.
  2. Mobile apps make it easy - Insurance companies can work hand in hand with technology to ensure that customers have a seamless experience, whether it is from their computer desktops or their mobile devices. With mobile enabled apps, filing for claims is much easier. All one has to do is to take the relevant photos and upload them instantly and it initiates the process.
  3. Better interaction - Customers can interact with insurers in a more transparent manner thanks to technology. Earlier people had to visit the insurance company office or even wait for the customer service representatives to take note of their issue, but with technology customers can now contact directly through apps and their problems are also resolved sooner. This creates a sense of loyalty within them. Our AI powered app, Khushi is a crucial step towards establishing a deeper and a more direct connection with our customers. With this app, customers can view policy related information, update information for their policies, download policy related receipts and set important reminders.
  4. Knowing customers better - IoT helps bring accurate customer related data to insurance companies directly. This helps in building a better relationship and makes the insurance process seem customizable wherein the insurers know the customers better and can recommend personalized life insurance policies for them. Technology also reduces the chances for fraudulent claims and helps create more accurate evaluations.
  5. Connected devices save the day - With IoT the data processing will become more streamlined and less time-consuming. As all the devices are connected, the need for human intervention will decrease which will also help in reducing the costs significantly. Connected devices that can monitor the customer’s health can also suggest relevant insurance products such as the right kind of life insurance policy based on the data they have received.
  6. Big savings - One of the biggest changes IoT will bring about is that it will cut the costs of claims process. These savings often reflect as lowered premiums for term insurance which means that everybody is happy. 

Technology takeover is imminent and inevitable. The best option would be to embrace it. Insurance companies have so far struggled particularly during claims because of the cumbersome processes. Automation is the way to go. In the words of Erik Sandquist, Accenture’s Distribution and Marketing Services lead, North America, “IoT is creating countless opportunities for insurers. It can allow leading insurers to improve their operational efficiency, assess risk and price their products with greater precision, and become better at identifying fraud.”

Tags: term insurance, life insurance policy, life insurance policies