On an average, car accidents in the USA cost about $230 billion annually. And it does not include the emotional damage that happens watching your wrecked car. That is why auto insurance becomes primary along with purchasing a new car.
Car consumers have been demanding a shift from traditional sales routes in both car and insurance purchases. The decision to buy a new car can be time-consuming, nonetheless, consumers don’t like to wait too long when they have decided on the automobile, financing, and policy options.
According to Deloitte, on average, US consumers have to wait for around three to 12 weeks to get their car delivered. With this waiting period, further formalities become even more irritating.
Speaking of the process from showroom experience to auto loans, and insurance, is now expected to be quick and seamless. Several consumers prefer an automated process and dread a laggard dealership experience. Likewise, they expect same day car insurance approval and financing through digital platforms.
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Currently, consumers are interacting more with short-length content like IG Reels, YT Shorts, TikToks, etc. Through this media, they come across numerous related advertisements on their social media platforms right after they search for specific information. More to that, AI is another aspect that can be a friend and foe. It depends on how you treat it.
When a dealership decides to benefit from AI solutions, it will be able to offer the same features as online marketplaces combined with expedited digital auto loans and quicker insurance policy approvals. If a business does not step up, the competition will find ways to lure the prospects, using the same technology not harnessed by the business.
In simple words, the use of technology can be a powerful asset if embraced. Yet it can also inadvertently benefit competitors who adeptly employ it to draw potential customers away from your business.
Here are some business process automation platforms that can be used by policy providers to enhance the experience of a consumer and simultaneously improve their sales:
Automating the process of buying a plan is a no-brainer. It will save time, effort, and money while increasing the consumer experience when purchasing auto insurance. Digital platforms serve easy access and can be accessed from anywhere under the sun. So if a person has to catch an early morning flight for their work meetings and decides to buy the plan while waiting in the airport, they can do it from the airport.
You also get some features like comparing quotes, verifying the answers to their queries by round-the-clock chatbot assistants, uploading documents, and much more. Ultimately, filling the application aided with AI tools like OCR or optical character recognition have made the process noticeably easier.
With them, the whole process can be streamlined without human intervention. It means, no delays, no human errors, and zero long queues. On top of that, everything is carried out digitally.
A sales funnel helps companies with the latest data points that can be gathered from various smart tools. For instance, telematic devices, blockchain, and social media patterns of the consumer to personalize their sales pitch.
Business intelligence tools like sales funnels can help them focus on potential customers and make the most of their resources for better outcomes. Customized packages can be offered to consumers who need extra features but are not aware of the product benefits by assessing the consumer insight platform.
Consumer experience graph performance makes it easier for the sales team to upsell and cross-sell.
Signing the document of approval digitally to accept the terms and conditions of the insurance policy using eSignature, and storing the document electronically in an eVault.
These are the new-age digital solutions where paperless documentation is both legally acceptable and technically secure with an added layer of encryption. Using the secure eContract platform the entire paperwork can be carried out remotely.
When consumers experience the ease of a paperless documentation process where all the parameters of personal information security and ease are checked, they are delighted.
Since the USA is one of the deadliest countries to drive, getting insurance becomes paramount. Whenever there is an accident or theft causing damage to your car, the incident has to be reported to both the police and the company.
Based on the investigation report, the claim is processed, so that consumers can cover for the damages. With automation, claims processing time is reduced and efficiency enhanced. Thankfully, there are no human errors that delay the claims process.
A person buying a policy is not savvy about the claims procedure till they encounter an accident or their car is stolen. If the claims process is time-consuming and cumbersome, the struggle for your claim process can get tiresome. However, with automation, companies can ensure faster turnaround time in processing a claim.
Using data points from telematic devices that are installed in a car, the driver’s habits like speed control, brake application, and safety status of the vehicle are collected on a real-time basis.
It is possible to assess if the policyholder was driving defensively or was found speeding with these smart devices. Based on the usage information, insurance companies can incentivize consumers who stay compliant.
This step helps providers mitigate risk by offering higher premium policies for consumers who are not safe drivers in the first place. They can even reject policies of repeat offenders based on the past date.
PRO TIP:
Having a dashcam installed in your car can increase the chances of an insurance claim, and strengthen your claim if there is nothing wrong with you.
Telematic devices are usually installed by insurance providers, and few companies offer a discounted premium to consumers who willingly opt for these gadgets. The information related to the consumer is safe with the provider. It is used only for their internal risk assessment and sales channels.
Predictive analytics of weather conditions will help providers assess the risk associated with regional climate changes. If a state or a region is at higher risk for a potential disaster that is a spinoff of weather patterns, then the premiums of the policies provided in that region will increase.
With all these elements, it must be pretty clear as of now to figure out how your policy may be shaped by the insurance providers.
The adaptation of insurance companies and car dealers to automated business processes is a transformation steered by consumer demand. If auto dealerships fail to provide a comprehensive, digitally sound, easier, and faster process for acquiring a car, an auto loan, and insurance, then they will see their sales drop.
Technology is not as difficult as perceived by non-tech-savvy people. It is a matter of clearing the perspective and embracing it for a better tomorrow. As a consumer of a car and its insurance, one would opt for ease over cost, if the difference can substantiate the experience.
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