Insurance companies that implemented modern technologies and streamlined their processes earlier, on the other hand, were able to dramatically reduce processing times and improve the quality of customer engagement.
According to a recent study, automation can reduce claims costs by more than 30 percent.
Personalization of insurance plans can also be enabled by technology, allowing insurers to price and underwrite policies more accurately for individual customers.
In the insurance industry, it will cost five times more to attract a new client than it does to convert a current one.
For obvious reasons, happy customers are 80 percent more likely to renew their policies than dissatisfied customers.
Digital policy application and renewal can be fast, easy, and available 24 hours a day, seven days a week, making the process seamless for insurance buyers.
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