The insurance industry, long seen as traditional and slow to change, has undergone remarkable shifts thanks to technological innovation.
From the integration of artificial intelligence in claims processing to the use of big data for risk assessment, it’s hard to find a corner of the industry untouched by tech.
As these advancements gain momentum, they promise not only to deliver efficiency and accuracy, but also to open new avenues for personalized customer service and innovative product offerings.
Throughout history, time saved through innovation has driven significant advances.
Consider how the development of the computer in the mid-20th century enabled scientists and engineers to pioneer new theories, opening new possibilities that were once unimaginable.
The same is true for the insurance industry.
In May, A.M. Fredericks Underwriting Management launched its Real Time Quote (RTQ) portal, designed to help brokers save time and enhance their customer service.
"The main benefit of the RTQ system is efficiency. Brokers can complete an online application and receive insurance quotes immediately," said Brian Mahoney, commercial lines manager at A.M. Fredericks.
The portal eliminates the need for brokers to manually calculate premiums, a process that can be both tedious and time consuming. This efficiency not only speeds up workflow but also enhances the accuracy of processed data by reducing opportunities for human error.
As technology streamlines administrative tasks that once consumed hours, insurance professionals can devote more time to tackling complex, strategic issues and remain readily available for the personalized interactions that many clients still highly value.
Automated quoting tools like A.M. Frederick’s are part of a new insurance landscape that is increasingly prioritizing insurance as a service.
A survey conducted by KUBRA, a customer service and billing solutions firm, found that for 46% of insureds, customer experience was a top factor when selecting an insurance provider.
Similar findings from the firm revealed that for 42% of insureds “little, or no communication” was their top challenge when interacting with insurers.
"Our system is available 24/7, including weekends. If our underwriters are not available, brokers can use this system to get a quote and even bind it without talking to an underwriter," Mahoney said.
By providing tailored services insureds can access from anywhere, anytime, brokers can build stronger relationships with their clients, which is crucial for long-term loyalty.
"Excellent customer service can significantly impact customer retention," Mahoney said.
Discussing how value-added digital services can provide a competitive advantage, Mahoney said, "The RTQ portal fosters trust between brokers and A.M. Fredericks by enhancing customer satisfaction.
“A seamless and efficient quoting process ensures brokers have a positive experience, making them more likely to return and recommend our services,” he said.
