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How Insurance Companies Are Providing Life Insurance Quotes Online During the Lockdown

by on November 15, 2020 in Uncategorized

The last few months have been disastrous for the entire world. The impact of the COVID-19 pandemic has been severe enough to disrupt all normal activities. Jobs have slumped, and the cost of living suddenly seems to be high. In between the chaos, things are perking up, but it is too early. 

Like all other industries, the insurance sector has taken suffering too. Customers are wary about visiting the offices, yet they want better and simplistic policies that help them in handling such kinds of matters. However, the players did not want to lose hope, and here is how the insurance companies stayed relevant during the lockdown times.

Analyzing data 

In tough times like these, the companies cannot afford to stay laid back. Hence they are analyzing all the relevant data that is available to them. They are estimating the loss on all fronts during these times.  Though this is not a concrete step to pave the way to success, there is something fruitful that comes out of this exercise. 

Companies know how to reduce risk exposure and use this information to estimate the opportunities for future growth. People just need to click for life insurance quotes, and companies are finding ways to provide them with minimum risk involved. 

Handling queries 

It is evident that many customers are in doubt about their policy status and other operational matters. Companies realize the importance of providing a robust platform for customers to raise their issues. With multiple methods like email and chat, the customer can reach out at any time, and the response is quickly elicited.

Apart from that, keeping the customer informed of the pandemic impact on the company builds relationships. Customers need to realize that the company is in the same boat as they are. The only difference is that the companies try to reach out and mend what they have already lost.

Digital underwriting and automated renewals 

The customer is harried enough not to come visiting the branches for every little task. Every policy needs renewal at the correct time, and this is something that cannot change. 

By providing automated renewals, the job becomes a little easier. Payments could be monthly or quarterly, but the renewals will be done once the customer confirms.

The focus should be on giving digital underwriting benefits to reach more customers at the same time. Basically, using digital methods, the number of touchpoints that the customer has to deal with should reduce. 

Customer contact 

The customers are already tied up with the operational hassles of living with the lockdown. Normalcy has returned in some areas though you cannot be sure of how long. In such situations, people want an assurance that things will become like the way they were before. 

Insurance companies are using digital companies to give the message that they care. They are reassuring customers to avoid any sort of panics. Since reaching out personally is not possible, they are using the mobile app to provide life insurance quotes online.

Grievance handling

Many people have lost their lives to Corona, but their life insurance money supports the bereaved family. The procedure of the claim has to be painless, so the family does not have to do a lot of running around. 

When a customer raises the claims of COVID-19, the companies are prompt enough to start the process. Moving on from the hospital to caregivers and lastly, to the insurance company, the entire process can be lengthy. It is difficult for a person to wait for the whole of the thing to surpass; hence the insurance companies have to show solidarity.

Add on benefits 

Life has become more precious in the last few months. More customers are looking for life insurance policies to keep them covered. Companies realize the emergency, and they are showing their concern too. Companies are adding new benefits and riders to existing policies. 

The purpose of the same is to see that the customer likes what they are offering to him. Most customers get the impression that these benefits would prove helpful in the future, increasing the probability of them signing up.

Work from home 

A majority of the populace is working from home to avoid the infection. Insurance companies are looking for methods in which their operations can be streamlined and resumed as before. They are considering the possibility of reducing their costs by continuing with the same. 

A vast proportion of insurance work is a field basis, and they can tackle from the comfort of home. It is crucial if insurance companies learn the method to balance their costs by following what has been imposed by the existing conditions.

Contactless integration

Insurance companies have been craving for better control over the health and service providers. This is the perfect time to have a contactless integration with them. As a result, the customer gets what he wants and that too in a simplified manner. This could mean using a blockchain network for accounting and arranging for spare parts for automobile insurance.

There are spare parts that are unutilized at different locations, which they could arrange at the customer’s place through seamless contact methods. Similarly, with the hospital service providers, there could be direct integration with billing and insurers. The end would only be giving the customers a contactless experience.

Conclusion

It is a folly to say that COVID-19 is going away. The damage that it has caused to the entire system is rather hard to make up for. It would take another year for the whole world’s economy to come back to the situation before the pandemic. Waiting for that day with bated breath is a folly that no company should make. 

Thankfully the insurance companies are not taking it slow. Most of them have already taken the steps mentioned above to see that the customers feel welcomed. This out of the box attitude is sure to make the tides turn in their favor. The future would be bright, and growth would boom in times to come.

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