According to a survey of Industry leaders, a look into the future via analytic calculations has been able to give a distinguishable picture of how the insurance industry may operate ten years ahead of now. It is predictable that the industry may become leaner due to constant mergers and acquisitions built upon digital acumen and client engagements. A competitive edge lies for those insurers that utilize data for buying process ease and relevancy for consumers. There will be present in the future new distribution models and new type of products providing customized services over the traditional products and sales services. Although technology will be a major key in the evolution of the insurance industry, however individual interaction will be a guiding factor.
Despite the fact that the direct online sales of some products and services are projected to be growing, the advisors and the agents as well as other licensed professionals will continue to dominate the distribution of a majority of annuities as well as life term products. In addition, it is probable that the self-service after policy inception will remain standard and so will the advisory services too. That explained, the underwriting is more prone to undergo improvement with electronically managed data and predictive analytics right at the early sales stages.
Moreover, the emphasis will move on to simpler products and solutions that could be customized based upon the metrics of age, location and term, day or single trip products all with a click, as online portals make it easier to purchase security enabled transactions using commercially available data and saving ample time. Such innovative products are likely to be present on prompt and highly accessible service platforms, which could be connected and availed from anywhere. The future for insurance process outsourcing industry surely looks brighter ten years from now.
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