How Insurance Carriers are Capitalizing on the Voice Technology Assistant Trend

How Insurance Carriers are Capitalizing on the Voice Technology Assistant Trend
Between Amazon’s Alexa and Google Home, it’s hard to miss all of the hype about voice technology. While these devices have primarily been used to play music, get news updates, and control smart appliances, insurance carriers are now finding ways to tap into this popular trend and earn new business.
Insurance carriers are establishing partnerships with these voice technology assistants and are using them as a way to step up their customer service game. For example, if a consumer has a question about his or her insurance policy, he or she can engage in a two-way conversation with the voice technology assistant to ask about tips for buying insurance, find a local insurance agent, learn general information about insurance products, and more.

While property and casualty insurers are currently dealing with an environment of declining profitability, their presence on voice technology devices is a smart marketing move as it gives them great exposure. Also, giving insureds the ability to conveniently engage in a two-way conversation with insurance carriers helps to strengthen relationships and makes the insurance carriers more approachable. We’re still in the early stages of insurance carriers tapping into voice technology to connect with consumers, so it will be interesting to see if this increased exposure leads to more business for the participating carriers.

We have also yet to see if the increased communication between insureds and insurance carriers via voice technology will help to mitigate risk and lower claims. Many experts in the industry anticipate that this new trend will help insurance carriers to combat declining profitability.

We’ve talked a lot about how insurance carriers are now using smart home devices as inspection technology to more accurately underwrite risk. While voice technology assistants don’t technically fall into the inspection technology category, the insight and connection that they provide between the insured and the insurer will help to lower risk.

Having partnered with insurance carriers for more than 35 years, our team at Insurance Risk Services has seen a number of inspection technology trends evolve over the years. We pride ourselves in using the latest inspection technology to deliver the most accurate underwriting reports for our clients so that they can best determine which risks are worth taking.

Please contact us at Insurance Risk Services to stay up-to-date with the latest technology trends in the industry and learn why we are a trusted partner for property and casualty insurance carriers.