- By Pallavi Shastry
Remember the old days? One had to call restaurants and shops to order food, groceries, and other staples. More serious matters like insurance required you to call various insurance providers and get quotes or receive cold calls out of the blue to purchase insurance from them. Sure, many of us would still take the older route to traditional purchases, but with almost everything fathomable going digital – insurance is right up there with the rest.
Businesses have become more efficient and with small and large insurance providers embracing technology, we have far less complicated, quicker, and more affordable insurance policies tailor-made for everyone. Research by McKinsey says that automation can reduce the cost of claims' journey by as much as 30%. What it means is – The ease of filing claims, getting approvals, and money in the claimant’s account is becoming as easy as ordering pizza – well, almost as easy. With more millennials turning homeowners, insurance companies are adapting to methods more convenient and accessible to their generation.
With technology come lower costs, greater convenience, happy families, and of course, satisfied customers. A new customer – a young one at that – expects far more than the traditional customer from a few decades ago. If you are one, you’ve done your research, you have incredible options, and you have every insurance provider’s attention. And to make your life (insurance) easier, Bubble’s AI and matching-pairing guidance algorithms help select the best policies for you.
Just like technology has gotten us to order food online, eliminating the need to dial a number and talk to someone at the restaurant, it has now gotten us to understand what policies work for us, quote and apply online, even get approved online in minutes, get us faster claims, and help us process a traditional financial product in a much simpler and effective way. Not just claims, but with the digitization of the entire insurance buying cycle, post-purchase service is also great today. For instance, with Bubble, you can be assured of continuous support, starting with picking the right policy. Even after the policy is purchased and goes into effect, we are there for you - through nudges, useful information, and advisories
Besides requiring less facetime, delivering more value in policies, and offering faster purchases and claims, digitization has made insurers more creative with their offerings. For instance, you can easily add more coverage in the future without underwriting, so you only pay for the coverage you need and when you need it. With the data they have, they’re able to know their customers better, which in turn helps them create better financial products. And this means smoother processes, easier purchases, and tailor-made policies – I can smell a win-win situation.
There’s a policy for everyone today - Customized policies for people with loved ones with different needs. That's why technology has helped speed the process and makes it less complicated than it used to be. Everyone needs insurance. And it needs to be more accessible to everyone – the ones who understand it, the ones who don’t, and everyone in between.