Digital Touch Points in Insurance Life Cycle

Currently, the insurance business offers many digital services

New technologies such as big data, AI, or IoT have been widely introduced and used in the insurance industry in a variety of formats.

such as following:

Using lead generation & conversions to acquire customers from new channels
Using CRM to take care of customers
Connecting to marketplaces
API automation which connects to enterprise and external systems throughout the supply chain
Using both a traditional algorithm and the AI Risk assessment for their pre-insurance risk assessment system.
Assure underwriting insurance with an all-digital process
Claim services compensations such as eClaim – self-service, Tele Claim, etc.
Services from an insurance broker through the agent support system
A usage-based estimate of driver behavior
Risk analysis from variations of dynamic parametric data
Providing information and services to customers via Chatbot or e-Self Service after a product is sold
Data and statistics analyzing process to design new types of insurance policies
Using digital systems to help operation and supervision (Suptech & Regtech). The OIC, a digital regulator, has implemented several projects. One of them being Smart OIC, which increased the capacity to supervise and develop internal working processes to be more modern and fast.