As technology advances and customer expectations change, the insurance industry is changing, too. These 2024 trends are shaping the insurance landscape and will have a transformative effect on the industry’s future.
The digital customer experience has become more important than ever before. As insurance providers shift to more online offerings, it’s essential that their website and app are clear and easy to navigate. If customers have a negative experience or are confused by an insurer’s website, they can easily find many other competing insurers offering similar products.
Insurance providers must balance multiple platforms, including social media, websites, landing pages, and apps, and all of those channels need to reflect consistent messaging and create consistent user experiences. Customers need to be able to easily access the information they need, and the process of getting an online quote or buying a policy also needs to be seamless.
In today’s digitized age, remote insurance service has become essential. Customers now want to be able to shop for and buy insurance policies online, rather than having to travel to an office or speak on a phone.
This shift to remote service means insurance providers are increasingly offering not only their policies, policy tracking, and management tools online. This remote service means that digital tools, like apps, have also become essential, and are now equipped with features like bill payment, the option to call for roadside assistance, and the option to submit photos and videos when filing a claim.
As customers increasingly turn to the convenience of online payments, insurance providers must support multiple online payment options. Embracing these online payments through online platforms and apps can help streamline the payment process, saving insurance providers time on processing checks.
Insurance providers also often offer discounts to encourage customers to use these online payments. Discounts for electronic payments and pay-in-full discounts can incentivize customers to take advantage of the digital payments, saving providers administrative time.
As insurance providers shift to remote service and a heavy online focus, document digitization is also changing how insurance processes are managed. Digitizing documents makes for more efficient management, since multiple parties, including customers, can sign documents simultaneously without waiting for the documents to be physically delivered. At the same time, digital documents save money. There’s no need to worry about mailing documents, and there are no physical storage costs.
As customers continue to demand immediate gratification, automation gives insurance providers a valuable tool to improve efficiency and availability. For example, chatbots are available 24/7, are fast and easy to use, and can help customers access the information they need. We’re likely to see insurance providers use more automation tools for time-saving benefits.
These 2024 trends are poised to shape and redefine the insurance industry in many positive ways. As insurance providers leverage technology and focus on customer experiences, we’re likely to see a more customer-focused and responsive insurance industry.
Paige Cerulli Paige Cerulli is a freelance content writer and journalist who specializes in personal finance topics. She graduated from Westfield State University and brings more than a decade of professional writing experience to the ConsumerCoverage team. Paige’s work has appeared in outlets including USA Today, Business Insider, and more.
