Technology has been a great equalizer. It has had such a deep-rooted empowering effect that even industries like insurance have gone from being product-centric to customer-centric.
Several insurers have hopped on the insurance digital transformation trends and leveraged InsureTech solutions to achieve various results. From policy personalization to fraud mitigation, insurance digital transformation has yielded tremendous benefits. That said, it presents an unspoken and unacknowledged challenge – ensuring accessibility for all.
Despite the several advantages of digital transformation in insurance industry, it has also given rise to barriers for certain demographics. Whether we’re talking about people with disabilities or those in the lower levels of digital literacy, there is still a segment of consumers untouched by the last-mile connectivity promised by insurance digital transformation. Such inaccessibility may leave them without proper coverage and jeopardize their financial security.
Keeping this in mind, here’s a deeper look at actionable strategies to bake accessibility into the digital transformation for insurance companies.
Impact of an Inclusive Insurance Digital Transformation
Aside from being a moral duty, insurance needs to take a step toward inclusivity and accessibility for the following reasons:
- Eliminating digital barriers unlocks a wider customer base, which includes persons with disabilities, limited internet access, or digital literacy. This would translate to untapped revenue.
- Demonstrating a commitment to inclusivity and accessibility paints a positive brand image. It not only consolidates your insurance business’ reputation but also builds trust amongst diverse communities and paves the way for customer loyalty
- Making accessibility the fulcrum of digital transformation in insurance industry ensures that you work with wider and more diverse data sets. Having adequate representation will counter bias and lead to more accurate risk assessments and pricing models.
- Accessibility is no longer a nice-to-have feature but a mandatory requirement. Several laws and regulations mandate inclusive designs to make digital products and services accessible to all. Staying proactive keeps you ahead of this curve.
Actionable Strategies for Making Insurance More Accessible
Here are a few practical ways to lead accessible digital transformation in insurance industry:
#1. Focusing on user-friendly design
Create simple, intuitive websites and mobile apps. They should feature clear navigation, high-contrast colors, large fonts, and a decluttered user interface. Incorporate clear menus with simple labels like “Manage Coverage” or “File a Claim” to make the website more navigable. The objective is to make information easily available, discoverable, and comprehendible, regardless of the reader’s abilities. Embed other accessibility features like screen readers to convert text to audio for visually impaired customers, closed captions on video guides for hearing impaired customers, and keyboard navigation for those with motor impairment preventing them from using a mouse.
#2. Cultivating digital literacy
Not everyone is comfortable, capable, and well-versed in navigating online insurance options. To bridge this gap, insurance companies can share valuable resources such as video explainers, step-by-step tutorials, and virtual assistants to help policyholders complete tasks ranging from policy management to claims filing. Such tools empower policyholders to manage their insurance needs confidently and independently.
#3. Embracing multiple channels
Several insurance digital transformation trends point to building an omnichannel presence. Whether it is sales and marketing or customer support, insurers should branch out from the traditional channels like phones, physical stores, and emails, and set sight on unorthodox channels like social media, live chat, and self-servicing kiosks. Offering customers a variety of options caters to their varying requirements, preferences, and comfort levels.
#4. Leveraging technology for accessibility
Insurance digital transformation is just the first step toward inclusion. Once insurance businesses move to the digital framework, they can continue adding cutting-edge technology to supercharge accessibility and inclusivity. Imagine an AI-powered chatbot that addresses basic policy-related queries, guides users through the claims filing process, translates inquiries into multiple languages, and is available 24/7. Think voice assistants that facilitate hands-free policy management for customers with visual impairment or limited mobility. It is simply a matter of using technology strategically to bridge accessibility gaps.
A Hope for an Inclusive and Accessible Insurance
Insurance digital transformation is paving the way for a more accessible and inclusive future. After all, the true benefits of the digital transformation for insurance companies will only bear fruit if the insurance products and services are available to all. Initiatives like following a user-friendly design, nurturing digital literacy, expanding across multiple channels, and leveraging technology for accessibility will secure the future of insurance. Such an inclusive approach will not only be compliant with prevailing laws and regulations but will also strengthen brand presence and attract new sources of revenue to fuel sustainable growth of the insurance business.
