How will insurance digital self-service elevate your business productivity?

By: Lotfi Alsarori

The increasing demand for superior products and better services in a timely manner is pushing companies toward more customer-centric strategies. Today, customers are more empowered and require more control over provided services. Customer care systems are enabling better customer management and are helping companies cope with these demands. One type of systems that enable customers to manage their information and fulfill their tasks on demand are self-service portals and mobile apps.

Nearly 9 out of 10 people think businesses should have a digital customer self-service system according to Statista. Self-service is an evolving trend that enables customers to perform their required activities without the need to seek help from the company representatives. This can significantly and positively reflect on the company’s operating cost, time, and efforts as well as increase customer satisfaction.

Insurtech: understanding the impacts of insurance automation

By: Lotfi AlSarori

Insurance companies, just like all businesses in the information age, rely heavily on information systems. Whether it is to automate underwriting and claim processing or keep track of their financial transactions, business software brings a lot of benefits to this important financial sector. Business systems are made to facilitate the work of organizations and make them more productive saving them time, cost, and effort. Insurance companies are no exception. 

While Fintech describes the use of technology in the financial services, Insurtech is the intersection of technology in a specific financial services sector, insurance. According to Investopedia: “Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.” 

How can insurance customer portals guarantee efficiency?

By: Lana Bawa'neh

According to Statista, 88 percent of people expect companies to have an online self-service system. This means that customer portals have become an essential tool to have rather than just a complementary one. 

A customer portal is an online system for customer self-management allowing authorized users to access their information and utilize the services they need. It is like a digital gateway to enable customers access and manage their accounts and the relevant services via a web browser.

Hot topics in the Insurance industry 2020 and what to expect for the near future

 By: Omar Abdulhafiz

The year 2020 was certainly full of challenges the magnitude of which is rarely witnessed in the business world as a whole, let alone the insurance sector. With the COVID-19 pandemic as the leading factor behind the worldwide pandemonium, insurers have found themselves in a race against time to adapt to a completely new reality before it is too late.

Amidst all these challenges and turbulence, market experts are working to map out the main critical trends that have grasped insurers’ attention. Most notably, statistics show that customer satisfaction was perhaps the most trending concern among insurance providers. This article touches upon this issue, among several others, in some detail.

The COVID-19 impact sends InsurTech investments through the roof

 By: Omar Abdulhafiz

Make no mistake, the COVID-19 crisis of 2020 is one of the biggest shockwaves in the history of business as a whole. And if we were to pinpoint the single most remarkable impact it had on business, it is that COVID-19 has pushed virtually every last major sector forcefully toward investment in digital transformation. The insurance sector, naturally, is no exception.

One aspect of this impact can be seen in the big fluctuation in InsurTech investment during the first half of 2020. According to a Deloitte report published earlier this year, InsurTech investment plummeted between March and April, but it skyrocketed between May and June (see figure below).