Digitisation of Life Insurance Industry in Surprising Ways

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Since the coronavirus pandemic has struck on a global level, the world has seen a significant transformation and upgradation in digitisation. Digitisation has fast-paced the globe in the majority of the sectors. Long queues are being avoided and as a result, people can now work in a much more convenient, simplified, hassle-free and comfortable way. Moreover, various sectors, such as the life insurance sector, has seen tremendous growth and upgrade. Digitisation of various sectors have thus proven to be highly beneficial for people all across the globe 

Talking about life insurance sector, digitisation has pushed the slow-moving sector way higher and faster, as a result of which the buying procedure has become much more hassle-free and can be done at the comfort of our homes without worrying that one may have to stand in those long lines and wait for hours. People can now easily compare various life insurance policies and choose the best insurance policy that suits them and their family’s financial requirements. The main question arose whether digitisation will improve and increase the low percentage of people who get a life insurance plans.  

Digitisation now plays a crucial role for both insured and insurers to have a hassle-free and seamless experience while buying. It helps them choose the best insurance policy for themselves after comparing various plans and insurance companies present online.  

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Let us see some of the key features of digitisation of the life insurance sector and how has it helped people in getting a life insurance.  

Key Features of Digitisation of Life Insurance Sector  

  1. Contactless Purchase 

With social distancing becoming the new normal, life insurance saw a digitalised and contactless transition. With a contactless procedure, buying an insurance policy became a matter of a few clicks. As a result, people can now get a life insurance policy from the comfort of their homes.  

  1. Artificial Intelligence (AI)  

Various life insurance companies have initiated chat boxes with the help of artificial intelligence. Artificial intelligence helps people who are making queries, helps them fill the application form, and suggests the best insurance policy that suits their financial needs and requirements.  

  1. Consultation Through Video Chats  

In person, consultation has now been upgraded to consultation through video calls and e-Meets. Moreover, with digitisation, various other online life insurance policy instruments have been developed, like premium calculators, customer portals, etc. which further helps people choose the best insurance policy for themselves, and also ensures smooth transaction. Moreover, insurance agents have been trained to help the buyer with their queries and choose the best insurance policy through online chat tools such as WhatsApp.  

  1. Faster claims 
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Digitisation has eased the buying procedure and helped people choose the best insurance policy for them and their families. It has also made the process of claims and settlements faster and smoother. With digitisation, people don’t have to go here and there. With the help of chat bots, online customer and claim settlement portals, the process of claim settlement has become more manageable.  

The Way Forward 

As digitalisation has turned the slow-moving life insurance sector into a fast-paced one, people can now seamlessly get the best insurance policy that caters to their family’s financial needs. Moreover, it is crucial to choose a top-rated insurance provider that provides its services in a hassle-free and seamless manner.