The Evolving Role of Voice Search in the Insurance Industry

The Evolving Role of Voice Search in the Insurance Industry
While insurance is one of the oldest industries out there, it’s notorious for lagging in digital maturity. Yes, property and casualty insurance has made great strides in recent years by starting to incorporate drones in the commercial inspection process and embracing smart technology to more accurately assess risk. However, despite these advancements, the insurance industry is aware that it’s still not using technology to its fullest advantage.
Use Voice Technology to Deliver a Customer Experience-Led Model
According to a recent survey in National Insurance News, 93 percent of insurance carriers said that advancing their digital agenda will be a priority over the next three years. A noticeable trend in the insurance industry is shift from a product-centric strategy to one that puts the customer journey first. To appeal to a customer experience-led model, we can expect more insurance carriers to make an investment in voice search technology.

Data reveals that 46 percent of adults are using voice search devices at least once a day to find information, and this usage is only expected to grow. Considering this, insurance carriers have a huge opportunity to use voice search to meet existing and prospective insureds at key moments of intent throughout their digital journey. Locating the most convenient insurance carrier, requesting a quote, and learning about different types of coverage are just a few ways that insureds could use voice search to interact with insurance carriers.

The Growing Prominence of Voice Search
Today’s consumers are turning to the internet to research products and services before making a purchase decision. Currently, 20 percent of all Google search queries are made using voice dictation; however, 50 percent of all searches are expected to be made via voice search by 2020. With this rapid rate of adoption, voice search has the potential to reshape the way that consumers research and shop for insurance solutions.

From the insurance carrier’s perspective, the use of voice technology in residential and commercial properties can provide insurance carriers with more accurate data to assess risk when underwriting policies. It’s anticipated that 55 percent of U.S. households will have voice-enabled speakers by 2022. A growing number of businesses are finding ways to incorporate voice technology into the workplace as well to enhance operations.

Use a Commercial Inspection to Educate Insureds About Voice Technology
At Insurance Risk Services, we make it our priority to stay on top of the latest trends impacting the property and casualty insurance industry. Having partnered with insurance carriers for nearly 40 years to provide them with thorough underwriting support, we’ve seen how technology has made its way into the industry.

When conducting an in-person commercial inspection, we use the face-to-face interactions with insureds as an opportunity to educate insureds about ways to minimize risks with their property.
With the growing prominence of voice search, bringing up this technology and sharing how including voice assistant devices on the property can mitigate risk and improve communication with insurance carriers needs to be part of the discussion.

Contact us at Insurance Risk Services to learn more about how we can use an in-person commercial inspection to increase underwriting accuracy and deliver value to insureds.

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

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