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In today's world, digital technology has touched every walk of our lives as well.
In today's world, digital technology has touched every walk of our lives as well. It has also revolutionised the car insurance industry with automation and digital upheaval. With the rise of Artificial Intelligence, Next-gen data, Blockchain, Cloud computing, Advanced analytics etc. adopting the new ways of doing business has become a prerequisite to survive in the advanced world.
The following points will give you a better understanding of how digitization has transformed the car insurance industry:
Faster access to products and services
If you want to buy a car insurance policy, you can check various policies on the insurance provider's websites. After that, gather all the required information and compare those policies with others to find one more suitable to your needs. With digitization, every insurance provider has an advanced process in place, where you can look, select, compare, get a quote, talk to an expert, buy, and renew insurance policies in a matter of minutes at one destination.
With a relatively challenging automobile industry, car manufacturers are competing against each other to give the best services to their customers with a choice of personalising their vehicles, along with that, various new vehicle variants are coming into the market. Making a one-size-fit for all insurance policy is becoming difficult. With digitization, the on-demand, customised, usage-based form of insurance products and services are getting more attention. From flexible cover options, micro insurance, sustainable insurance plans are becoming the new norm.
Reduced operational cost and time.
With one click research, buying and renewal options, the operational cost and time have reduced, and as a result, making the whole user experience efficient. The digital atmosphere has made it convenient to process claims, perform transactions, and increase awareness about the necessity of car insurance.
Integrated analytics to enhance customer experience:
To build long-lasting relations with customers, it is crucial that customers feel comfortable using digital means of business. That is where the data collection and Integrated analysis of that data come in handy. Digitising data allows the insurance provider to perform the transaction and automate processes with little to no time to help the customers – for example, by assisting a customer get ahead on the claim process shortly after an unfortunate event such as an accident. With available data from the smartphone, health tracking devices, GPS, security systems etc., insurers can get a head start on their response to the customer.
Use of AI
Ever since digitization took over the car insurance industry, the usage of Artificial Intelligence has increased on a grand scale. With the help of various AI forms such as chatbots, consumer behaviour tracking, trend analysis, etc., the insurers are improving the turn-around time of claims processing. AI can collect data from social media and other channels to help insurers and use analytics to detect fraudulent claims, assess risk points, and create accurate reports.
From the above points, it is very clear that digitization has impacted and transformed the car insurance industry in monumental ways.
If you are thinking of buying car insurance and secure yourself and your vehicle against any unforeseen event, click here to check out various types of car insurance policies from Kotak General Insurance.
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