The advent of the internet and all the technological advances it has enabled is something truly remarkable – but it can simultaneously be your best friend and your enemy. Few people realized the full extent of how social media would impact society and the dramas that would unfold because of it.
As technology and modern marvels continue to grow exponentially, so too does the effect these advances have on most industries – specifically the insurance industry. Below are five of the top ways technology has resurfaced the industry and impacted every level of it:
1.Social Media
A fully tech-enabled and savvy insurer will use social media to their full advantage. Beyond offering an impressive network of potential customers, social media platforms allow for audience targeting that practically takes you to your customer’s digital door.
Not only that, but with the right listening tools – insurers can monitor their online customer needs. That basically listens for mentions of brands or company names and allows the insurer to follow and track their audience engagement. That enables insurers to build packages according to direct overall customer requests.
2.Tracking
Satellites, drones, and artificial intelligence have changed the way insurers do business. With access to real-time data sets, insurance companies are given unprecedented access to visibility tools that improve risk assessments for new and existing business policies.
Claims processing after natural disasters will be faster, automated, and scalable to levels that have never been seen before.
3.Online Sentiment
In a cutthroat industry like this, insurers need every upper hand they can get. Transforming into a tech-savvy brand that listens and responds to its customers is a brand-altering strategy.
For insurers, that means using software that “listens” for brand mentions, complaints, and compliments. That means that every time one of your followers mentions a brand or tags that insurer, the program will pick it up and identify whether that mention is positive or negative in nature.
That means insurers are better able to provide their target audience with a home protection plan to suit their needs.
4.Advertising
Gone are the days of throwing adverts out to every magazine, newspaper, and TV airing. Modern technology has capitalized on one very powerful word – data. Data allows marketers and advertisers in-depth access into who is watching, scrolling, and listening.
While data can never be 100% accurate all of the time, it is accurate enough to make a massive difference to your campaign and yearly strategies.
Adverts for insurers can be placed in the best position for their performance. That means that the right people will see the ads, and usually at the right time too. That means insurers can make sure their ad gets seen by target customers when they need it most.
5.Offerings
Technology has also capitalized on what offerings insurers should tailor for their target audience. Google and website searches are great ways to identify what people want from their home insurance companies.
Insurers also greatly rely on online surveys to gather valuable customer insight, which lets them put together the perfect package for just about anyone. It’s not a coincidence – it’s data-driven technology.