The future of contact centers in the insurance world is taking shape right before our eyes. 

The current generation of customers — Millennials, with Gen Z quickly coming down the pike — expects greater efficiency from a variety of digital channel options for tasks like processing claims or putting together a policy. 

On the flipside, insurance companies are trying to quickly resolve customer issues and respond to inquiries, while navigating industry regulations and ensuring their customers are protected.

As the demands of policyholders evolve, so too must the tech infrastructure in place to support them. Here are the four biggest challenges facing insurance companies and their contact centers right now, and how they can better respond to the technological shift.

1. Policyholders are demanding that insurance companies get with the times.

The digital transformation wave is setting new benchmarks for customer service. 

Specific to insurance, policyholders aren’t looking to waste time — they want to see their interactions with their providers become more streamlined, which can be achieved through:

• AI-powered chatbots and voicebots: These digital assistants are the ones driving conversations nowadays. Combining the ability to comprehend natural language, existing databases to draw information from, real-time data processing capabilities, and robust security measures, these bots offer real-time answers, eliminating long wait times and the need for human agent assistance.
• Digital claims processing: Transitioning from traditional methods to digital platforms allows policyholders to upload documents, track claim statuses, and receive updates seamlessly.
• Omnichannel support: A unified system where data flows seamlessly and ensures consistent customer experiences across phone, email, chat, or social media. The result is empowered agents with instant access to customer policies and previous interactions.

Example: Let’s say someone Gen-Z age gets in a minor car accident. Instead of navigating through paperwork, they can simply log into their insurance provider’s app, chat with a bot to understand the claims process, upload photos of the damage, and set up a damage evaluation appointment with the adjuster. 

And if they have questions beyond that, they have the choice to switch to a live agent, who — aided by Agent Assist — will already have access to the policyholder profile and claim details to personalize their customer’s experience on the fly. Just imagine how much more efficiently these processes can play out.

2. When technology evolves, regulatory compliance issues and market pressures come with the territory.

As digital solutions become the norm in any industry, not just insurance, keeping things safe and stable for all parties involved becomes even more critical. This includes:

• Data protection: Implementing robust encryption methods, securing data transmission, and conducting regular security audits are essential to protecting policyholders.
• Biometrics: This allows whoever is speaking to a voicebot or live agent to have their identity verified as a means of fraud protection.
• Risk management: Advanced analytics enable insurance companies to anticipate and mitigate risks effectively.

3. Preparing for the future means starting the work today.

Contact centers still have to operate with what they have in the here and now, but there is simply no time like the present to begin building the infrastructure for down the road. 

In order to satisfy the desire of policyholders for a better insurance experience, insurance companies need the right training and implementation to strike a balance between present and future. This can include:

• Change management: Every aspect of everything you do and every person involved in your company is impacted by change. Having a dedicated team in place to manage each situation involving change is beyond necessary for an organized transition.
• Operational strategy: If you’re going to promise efficiency and scalability, you need a strategy for how that’s going to look. Implementing automation tools creates precision in critical operations like claims processing, and carefully implemented cloud-based contact center solutions offer scalability.  
• Training and development: As new technologies are adopted, ensuring agents are trained to use these tools effectively is essential. Working with the right implementation provider is an often overlooked step, but can really make or break your success. Regular training sessions, workshops, and feedback loops increase the chances of a smooth transition.
• Emerging technologies: Quantum Computing and Edge Computing are on the horizon. Their potential impact on contact center operations could be significant and preparing for their integration is crucial.

4. Data will shape the future of contact centers — but having it and using it wisely are two different things.

Data is the lifeblood of modern contact centers. With the increasing volume of data generated by digital interactions, harnessing its power is a crucial component of lighting the path forward.

• Data analytics: Advanced data analytics tools can offer insights into customer behavior, preferences, and pain points. This data can be used to refine strategies, offer personalized solutions, and improve overall customer experience.
• Data security: As the volume of data grows, so does the responsibility of securing it. Regular audits, adhering to global data protection regulations, and ensuring data encryption are essential.

The role of technology in shaping the future of insurance contact centers is undeniable. However, the real challenges lie in making sure demands are still being met today while adapting to future trends. 

With a strategic approach, robust solutions, and a focus on continuous improvement, insurance contact centers can offer unparalleled value to their policyholders, setting new industry standards. 

If you’d like to take steps to outfit your company, both in the present and for future generations’ needs, reach out to Inoria today for a 30-minute discovery call. Let’s talk about where your contact center is now and how we can upgrade its technological capabilities to  better respond to the evolving needs of policyholders.