3 Ways Real-Time Communication Will Transform the Insurance Industry

Posted On September 25, 2019 by Alex Macdonald in Blog, Insurance

Nobody likes insurance until you need it. All those premiums, all those forms, all those marketing phone calls! But after you get involved in a fender bender, you’re going to be thrilled that your E-Class Mercedes-Benz is fully covered.

Real-time communication technology, though, is going to transform the insurance industry and is going to make every aspect of the insurance industry better, cheaper, more efficient, and less annoying.

Real-time communication is voice, video, and chat capabilities that are embedded directly into web applications and mobile apps. It allows you to seamlessly connect with customers, clients, support services, and yes, insurance agents and claims adjusters.

Let’s take a deeper look into the three ways that the insurance industry will be transformed. And also how Temasys can help you leverage real-time communication technologies into your web and mobile apps to help you communicate with your customers around the world.

1. Improving Communication with the Customer

According to an Ernst and Young survey, 44% of insurance customers have not had any interaction with their insurance company in the past 18 months and only 14% are satisfied with the way the general communication they have. This combination of low frequency and low satisfaction should set off alarm bells for the insurance industry.

Face to face contact with customers can be improved by using in-app video communication through browsers or mobile devices. When insurance agents talk face to face with their customers a number of business improvements are made, including higher customer retention, fewer errors in paperwork, and better compliance with local laws.

2. Onboarding Customers and Making Claims Gets So Much Easier

Implementing voice, video, chat and screen sharing into web applications and mobile apps makes working with customer service easier, making claims more efficient, and settling disputes quicker.

When customers contact service agents through voice, video and screen sharing, the experience is more immersive, more helpful, and more enjoyable. When customers need help filling in a form, they can share their computer screen with their customer service agent,  get answers to their questions much quicker and solve problems more easily. They can essentially fill in any forms together as if they were in the same room. This makes sure that the forms are filled out correctly the first time and does not require lengthy back and forth and travel.

In the past making claims has always been difficult and time consuming. But when customers can use real-time communication, the process can be made simpler and less stressful. After a car accident, for example, a customer can stream live voice and video to the customer service agent. The agent can request in real time, to get visual evidence such as road signs, dents, location and weather details.

3. Customers Get Incentives and Discounts

For the customer, using real-time communication can have financial rewards. Insurers have developed “interactive policies” that can give customers discounts and incentives for providing extra information about themselves, their vehicles, and their homes.

When customers provide data from their fitness trackers, such as fitbits, Apple Watches and others, they can earn discounts for achieving health and fitness goals such as average steps taken per day. Customers can save up to 15% on their life insurance premiums.

Installing a dashcam can also reduce your car insurance premiums and can lead to better outcomes for safety and injury prevention. Car insurance routinely give discounts to new or renewing customers who use a dashcam in their automobiles. Having video footage from accidents makes claims quicker and easier to resolve and also can eliminate fraud which costs insurance companies millions of dollars per year. Sharing video data from your car dashcam or sharing GPS data leads to safer driving, too. In a recent study of in-vehicle telematics, it is demonstrated that using such data leads to safer driving.

Creating smart houses, that is, houses that are network connected through IoT devices, gives insurance companies more opportunities to give discounts and drive new business. According to a recent study from McKinsey, insurance companies are examining how smart houses improve the living conditions for persons living in assisted living spaces. Ultimately, a better monitored, more connected home can cut costs for insurers and customers.

Temasys can Build your Real-time Communication Infrastructure

With Temasys Sklylink SDKS, you can quickly embed video, voice, and chat engagement into your web applications and mobile apps. 

Our Temasys Skylink SDKs are available to try out here. They have been developed so that you can be up and running quickly and easily and are truly cross-platform, with tools for the web, iOS and Android

If you have any questions or need more information about implementing solutions for your insurance applications, please contact us at any time.

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