Insurance companies collect incredible amounts of data, while most of them, according to the research, use only 10 to 15% of the data they accumulate.
Implementing machine learning would allow managing data in a more efficient way, which would assist with the selection of insurance plans for the customers, by analyzing client’s data and offering the most appropriate product.
Other perks that machine learning would bring into your business are internal workflow automation and human factor minimization, fraud detection, predictive analytics on the demand for products, high accuracy in processing claims.
It’s a good idea to think about using AI to create chatbots that would communicate with customers verbally or through text. The key advantage is that they are available to customers at any time via mobile or web application and can be used to file claim reports or complete applications or for example in case of emergency.
The solutions that Thinksoft offers for the insurance industry are the game-changers. First of all, we create a basic but essential tool - CRM systems, which are practically a necessity today for every insurance company due to the high competition in the sector. CRM system is a chance to enhance customer loyalty and multiply the efficiency of overall performance.
Another practical solution is onboarding portals. We know how hard it is to win customer loyalty in the insurance industry, that’s why implementation of the onboarding portal would definitely make one of the most important processes, the process of sign-up, more easy, pleasant and cost-saving.
A vast majority of customers state that they are fed up with the time-consuming process of choosing and then signing up insurance policies, that’s why we develop web and mobile applications that reduce devoted time to minutes.
It is clear that Insurtech is here to change the ways of doing business in the industry, but Thinksoft can be your reliable partner in bringing innovations in insurance to life and succeeding in this fast-changing, tech-oriented world.