3 Ways The Health Insurance Industry Is Using Technology To Its Advantage

As the whole world grapples with COVID- 19, industries are exploring various ways to ensure business continuity. Amongst these industries, the insurance industry, specifically its health insurance segment, finds itself in a unique situation. On one hand people want to buy health insurance to safeguard their families, but on the other hand it is hard for sales agents to sell insurance in a virtual environment. Insurance sales have always relied on the high-touch, in-person mode of selling.

Traditionally, the insurance industry has always been an early adopter of technology and they seem to be using it to their advantage during this crisis as well. Here are a few things we found worth sharing from recent interactions with our insurance sector customers.

1. Supporting Customers Using Chatbots

Insurance industry has started using Artificial Intelligence (AI) as their first responder. AI-based chatbots are helping support teams and call centers to handle frequently asked questions. Due to this, call centers are able to handle customer queries even when they are short on staff. This also helps in gathering business intelligence about customer preferences, options, and buying patterns.

2. Making Online Payments

Filling forms and online premium payment is an integral part of buying or claiming insurance. Customers often need help with these activities; however, in today’s situation it is not possible for them to sit across the table with agents to discuss these things. Online training modules on use of web meeting tools are supporting both agents and customers, without putting anyone at risk.

3. Selling Insurance in Online Mode

Insurance industry follows a high-touch sales model and sales agents are trained to sell insurance over face to face meetings.  Online micro-learning modules on social selling, phone, and internet-based selling, are supporting sales agents in achieving their business targets. It is not only about using zoom or WebEx; but also engaging customers in online mode, building trust, understanding their unsaid needs, and much more. Virtual selling would be an important competency for any insurance agent going forward. Technology-based selling is not a temporary fix. It will be the new normal, even beyond COVID- 19.