Digital is the key player in this time of the Covid-19 pandemic. Insurance companies are embracing digital channels now more than ever to reach out and connect with current and prospective customers. Covid-19 has changed the public’s outlook on insurance. Its value is perceived to be more critical as folks are considering the consequences of not being covered. Because of this, it’s essential now more than ever to provide consumers the ability to research products online without the assistance of agents, and at the convenience of their own home. Insurance companies must provide the tools and means to analyze various insurance products, provide price transparency, and a clean digital environment that is easy to navigate and execute.
Sentiment reveals a lot about what customers think about an insurance brand, including how well customer representatives are resolving issues and how happy customers are with the underwriting process. This is where the sentiment analysis of structured and unstructured data can help insurers understand how their customers are feeling.
RPA is Changing Lives The digital marketplace is extremely challenging. Businesses must stay ahead of the game by being innovative and creative to continually provide automated processes that will improve the customer experience. Robotic Process Automation (RPA) and Digital Process Automation (DPA) are the front runners by being one of the fastest growing segments of business technology these days. Globally, the RPA market size was valued at USD 597.5 million in 2018 and is expected to register a compound annual growth rate of 31.1% between 2019 - 2025.
Virtual assistants like Siri, Cortana and Alexa as well as other speech synthesis techniques have solved many customer use cases by offloading repetitive and mundane searches or activities. Customer-oriented businesses leverage this technique to provide better operational efficiency and improve customer experience. They can then run analytics over the voice/audio content to derive predictions.