5 Digital Trends Impacting Insurance Carriers in 2019

5 Digital Trends Impacting Insurance Carriers in 2019
There is no question that the influx of technology in recent years has reshaped the insurance industry. With the arrival of a new year, many insurance carriers are wondering how evolving technology will impact the way that they conduct business and interact with existing and prospective insureds in 2019.
We can expect that many of the advancements in digital and mobile technology that forced insurance innovation in 2018 will continue into the new year. Here are the top five digital trends that will impact insurance carriers in 2019:

1. Micro Experiences for Niche Markets
In today’s competitive marketplace, insurance carriers will be under more pressure than ever to provide superior customer service. With personalization being one of the most effective tactics to grab a consumer’s attention, we can expect that insurance carriers will use technology to create digital micro experiences for niche markets. For example, insurance carriers could create digital marketing campaigns to highlight niche programs specifically for craft breweries, smart homes, and new homeowners. Using micro experiences to target insureds that fit the criteria for these campaigns will position carriers as industry experts and will help them to earn more business.

2. Texting and Messaging Apps
The number of smartphone users is on the rise, and texting is quickly becoming a preferred communication tool for insureds, particularly for those that are part of the Millennial generation. With few opportunities for face-to-face interactions with insureds, insurance carriers that integrate text messaging into their CRM systems in 2019 can help to stay top-of-mind for their target audience and improve the customer service experience.

3. Mobile-Friendly Websites
When was the last time that you gave your website an overhaul? With Google’s transition to mobile-first indexing, it’s imperative that your website utilize responsive design to provide a positive user experience, regardless of the type of device (desktop or smartphone) used to access your website. If you do not currently have a responsive website, you can expect your online visibility to decline in 2019 due to Google’s search algorithm.

4. Insurance Agent Bots
To remain competitive, you must place emphasis on improving the client experience when interacting with your business. Many insurance carriers will begin using insurance agent bots in an effort to create humanized, authentic interactions with existing and prospective insureds. Because these artificial intelligence tools can be used to begin collecting data from a prospective customer, they can be viewed as inspection technology on the front-end of the relationship. Insurance carriers that incorporate these chatbots into their websites and social media accounts can help to strengthen relationships and speed up the underwriting process.

5. Voice Search
Just about every industry is trying to tap into the power of voice search, and the insurance industry is no exception. It’s estimated that half of all searches performed online will be through voice-assisted technology by 2020. By partnering with services such as Amazon’s Alexa and Apple’s Siri, insurance carriers can set themselves up for a successful future.

All in all, while advancements in technology can benefit the insurance industry, it doesn’t replace the value that an in-person property inspection provides when making an underwriting decision. Our team at Insurance Risk Services uses the latest inspection technology to complete our in-person property inspections so that our clients can best determine which risks are worth taking. Contact us to learn more about the role that our inspection technology plays in putting together our underwriting reports.

We’re delighted to announce that Insurance Risk Services will rebrand to Davies in the near future.

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