Covid-19 Accelerated The Transformation of Insurance Industry
“85% of insurance CEOs agree digitalisation accelerated their daily operations performance.” – KPMG CEO Outlook survey.
Throughout the first half of 2020, we see the joint effort from global leaders in enacting policies and measures to combat the raging Covid-19 that spread like wildfire. To survive the crippling burns from the deadly disease, companies of all sizes embrace digitisation and digital transformation, either reluctantly or with an open heart. The same plot surfaces in the health and wellness industry through which digital insurance is now the preferred business model.
Characteristic of the Traditional Insurance Industry
Traditionally, the insurance industry is all about heavy loads of paperwork, lengthy claim processing time, and slow access to clients’ information. Digitalisation of the insurance industry turns the table around by providing massive cost reductions in terms of time, energy, and resources.
Betadia’s digital insurance system uplifts the entire operating speed in which more meaningful interaction with the customer can be done smoothly. As the entire insurance business model has to evolve with the nuisance created by Covid-19, customers’ expectations of the insurance industry are changing as well.
Digitalising Your Insurance Business
For a better understanding of what businesses and customers could benefit from the digitalisation of insurance, here are five (5) best practices for any key players who wish to improvise their business model during the pandemic:
1) Plan & Revision
Having a clear and concise roadmap on a business enables you to focus on what needs to be done first. Taking the steps to digitally transform the entire business takes a lot of planning as it involves multiple layers of structure changes and people from different departments. Once a roadmap has been drafted out, it is also important to revisit the flow and not be afraid to make revisions whenever it is deemed necessary.
2) Overcoming Transition Hurdle
Taking the infrastructure from physical to digital systems for the insurance industry can be a huge challenge. This is because the client data transferring and handling process must be guarded highly. Data breach and security risk should be taken into consideration when transitioning from an existing system to a new one, and the system should be flexible enough to continuously evolve as compared to a one-time transition.
Betadia has come up with a flexible insurance package whereby member capital status is arranged accordingly. Once members fulfill the set regulations of the insurance plan, they can earn additional game earnings by direct referral, personal and team daily winning, and mining pool bonuses.
When going through the process of digital transformation, another important factor to consider is to reach out to other service providers that bring added value to the company. The collaborative effort of these providers could potentially break through the technology limitation, at the same time, “scale up” the technology solutions for better customer experience.
While new and advanced technologies rapidly enter the market, the insurance companies must quickly identify and keep up with the latest trend. Digital transformation involves a long-term commitment by companies to ensure they are on top of the food chain. To identify and anticipate the upcoming opportunities, the organisation needs to determine how its platform is able to fit into the mould and move forwards with the available technology.
5）Exploring the innovative possibility
Without a doubt, the future of the insurance industry is heading towards digitization. Companies will need to explore what modern technology can offer and fully utilize its function. Digital insurance companies are here to stay permanently, and it is not merely a proof of concept.
Betadia game-changing digital insurance system allows customers to invest in their capital preservations without worrying about the risk. We strongly believe that our insurance packages and methods will benefit our customers greatly.
Reach out to us for more info on how we can safeguard your capital preservations today!