The desire to make processes faster without sacrificing efficiency, accuracy, and profitability has always been the impetus of technological efforts of enterprises in any industry. However, the need for real-time exchange of data has become more evident in the insurance sector where people seek timely and adequate financial assistance along with payment transparency.
As such, real-time data processing and information exchange should be one of the key priorities that insurance providers must cover. Decades-old legacy systems, most of which are too complex and expensive to upgrade and maintain, cannot support this level of automation. Such systems often require long hours of hard coding to accommodate changes, opening the door to delays, errors, and security risks.
The real-time sharing of data is the key to making the whole insurance cycle more seamless for everyone. That said, it’s high time for providers to adopt a robust, efficient, and user-friendly digital insurance platform designed to handle near-instant information exchanges. In this article, we’ll explore why timely collation and processing of data are vital to the insurance industry and should therefore be prioritized in modernization efforts.
Lowers Chances of Making Errors
Errors during the pre-enrollment stage only delay the supposedly timely delivery of benefits to members. By having a modern insurance platform that can handle real-time data exchange, providers can eliminate human errors due to repetitive data entry and re-entry. It would be ideal to have a platform that can provide a seamless enrollment experience while staying user-friendly enough for policyholders to quickly update their pertinent information.
Supports Data Interoperability between Devices and Industries
Insurance providers must be flexible enough to give access to their offerings through a wide range of devices in the internet of things (IoT) ecosystem. Policyholders should have the ability to facilitate data exchanges between their computers, tablets, and smartphones. Besides providing convenience, this allows insurance providers to gain insight into their customers’ preferences through the most up-to-date information from a broad array of data sources.
Such capacity to rapidly exchange information also allows various other industries to utilize stored data for the benefit of policyholders. For example, relevant customer information can be shared between insurance providers and other institutions in related sectors such as healthcare, banking, and law, with the express permission of the customer.
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Quickens Service Distribution and Product Rollout
Real-time enrollment helps members easily visualize available benefits and make purchases without waiting for batch processing. Additionally, automating the exchange of information allows insurance providers to speed up the development and rollout of new products entering the market. Providers can quickly introduce new plans, which policyholders can set up within the same day. In the future, we may see more instant-issue offerings to suit mass consumption while delivering on the promise of personalized insurance products.
Provides Greater Flexibility in Underwriting Procedures
Thanks to artificial intelligence (AI) and machine learning (ML), providers can easily regulate underwriting and make price adjustments to insurance premiums. Automated processing allows potential members to customize their own insurance plans based on their needs and immediately get information on pricing. By speeding up the time to gather customer data, insurance providers can be proactive in tailoring product bundles based on potential members’ coverage priorities and risk profiles.
Open application programming interfaces (APIs), digital IDs, and smart contracts are also key capabilities that could innovate the underwriting process. Open APIs allow members to make payments through various channels, enabling insurance providers to partner with third-party apps for convenience and a broader reach. Digital IDs, smart contracts, and other forms of identity verification also make the process of purchasing a plan and filing claims easier and more accessible to people of all backgrounds and physical capacities.
As regulators work through AI biases and make algorithms more trustworthy, we can only look forward to how much more flexible and convenient the underwriting process can get.
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Improves Claims Processing
Fraudulent claims cost the insurance industry thousands of dollars every year, and providers can resolve this problem through innovative tech such as real-time data capture. IoT sensors can work with advanced algorithms to incorporate information such as video evidence of damages and losses to help policyholders file their claims. This allows providers to narrow down legitimate claims and simplify the way they do claims management. On the side of the policyholders, this timely exchange of data cuts the time spent waiting for decisions and resolutions.
Delivers Better Customer Experience
While it’s unlikely that insurance agents will become obsolete soon, tools such as AI assistants and chatbots can be vital in helping agents optimize their time. These tools enable providers to passively address common customer inquiries through pre-programmed answers while keeping human staff around for more business-critical and meaningful interactions. The ideal insurance platform must implement these customer service tools for real-time support while also offering the option to get assistance from a live person.
Leveraging Real-Time Data Exchange for a Better Insurance Industry
Insurance can be a risk-prone industry, but that only highlights its need to keep modernizing. Delays and mistakes can cost policyholders not just their hard-earned money, but also the time and energy of everyone involved. Adopting capabilities that quicken the pace of data exchange is ultimately necessary to bring the insurance industry up to speed on how to make service delivery more trustworthy, accessible, reliable, and inclusive.
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