- November 10, 2017
- Posted by: Uganda Insurers Association
- Category: News
Information technology has become ever so important in all industries and the insurance industry has not been left untouched. This industry is information based and requires information gathering, processing and distribution which can only be managed through information technology.
Technology now allows insurers to move from the traditional broker scenario towards a direct-to-market approach — cutting out the middleman and going straight to the customer.
This level of “big data” collection and analysis has become possible only through advances in software and hardware and is fast becoming integral to increasing revenues and improving the customer experience. The importance of technology cannot be overstated.
Nowadays visit any insurance agent and instead of having policy applications, brochures and papers, you will see a computer or laptop. As technology usage grows the industry needs to go beyond just storing and updating policyholder information to using software tools and techniques to target their niche.
The insurance industry can make use of information technology in several ways;
Generating New Leads
Before targeting specific customers, we need to first get information about them. Now, there are many software tools that help agents generate new leads which include but are not limited to websites that contain helpful blogs, tips and advice for the people when they search on the web for the answers. By answering their queries and displaying contact information about the company/agent, an insurance professionals can generate new leads.
Easily develop Different Policies
As technology advances, clients are looking for easier ways to sift through various sites and recommendations to arrive at a solution tailored to them and their needs. It is therefore important that the company impresses a client by highly organised and searchable information accessible to the client at a click of a button.
Manage Your Client Information
A company needs a robust system that can keep track of current policies as well as generate new policies thereby cutting down the amount of paperwork and time needed to manage client information. This system will also help ease access to client information, updating client information, providing quotations and ease claims processing.
Mailing Lists to Target New Clients
Email marketing campaign is not a new concept in this industry. Advisers can make use of insurance mailing lists to target customer and to build loyal relationship with them. With the email list, agents can promote their insurance policies and services to their clients. When used effectively, this method will indirectly reflect on Return on Investments.
Advisors can make use of social media platforms such has FaceBook, LinkedIn and Twitter to, among others, provide customer support and build loyal relationship with clients. There are many software tools that help advisors find new customer, generate leads and communicate with clients using auto email responders. Also some insurance companies provides online portals for their advisors that helps to do everything from processing insurance renewals to tracking claims.
Understanding Demand and Business Requirements
By having a grasp on current systems and the demands placed on them now and in the future, insurers can assess whether a complete transformation is needed or if an existing system can be updated. It also gives insurers the opportunity to assess the efficiency of business processes and update if necessary.