Instant comparison shopping. 24/7 service. Quotes in minutes. Just think, where would you be tomorrow if the Internet disappeared today? The truth of that point is so telling, it's a bit of a bore to remark on how thoroughly the Internet has changed the face of business. Yet, in the digital world, more change is the only certainty. Here are four internet developments that could soon be meaningful to your business.
Get ready for 5G.
According to Kate Browne at Risk & Insurance, in fewer than five years, we'll have access to a network "which is likely to be 100 times faster than the average 4G transmission" that we use today. She described this as "a paradigm shift similar to the transition from the typewriter to the laptop."
The new 5G network will reduce the lag between when a signal is sent and received to one millisecond. On its face, that may not sound too revolutionary; after all, today's connections already feel pretty instantaneous. The real paradigm shift has to do with what 5G would support: an "ecosystem of fully connected intelligent sensors and devices" such as smart cities and self-driving cars.
Anticipate outages from rising seas.
As 5G prepares to speed things up, the oceans are getting ready to sink 'em down. The "physical, concrete objects" that power the Internet, such as "giant data centers and miles of underground cables," are in reality less "magical and intangible" than they may seem – and quite a bit more vulnerable.
Over the next 15 years, we can expect "roughly 4,000 miles of fiber-optic cables in U.S. coastal cities" to go underwater, according to a new study by the University of Wisconsin-Madison and the University of Oregon. When they do, the infrastructure – installed in the 1990s with no concern for climate change – is likely to fail.
Expect more from AI chatbots.
According to Tech Emergence, artificial intelligence is promising a "seamless automated buying experience" through the use of chatbots, which will detect a customer's geographic and social data in order to offer personalized interactions. Combined with custom, on-demand coverage for specific belongings or happenings in your life, this trend could converge on a whole new customer relationship. Imagine making a purchase or experiencing a milestone in your life, and instantly receiving a message from your insurer offering relevant coverage for it.
"We're entering an era of consumer-centric insurance that will likely be marked by a surge in new digital offerings and serious efforts by insurers to improve the auto insurance shopping experience," said Tom Super of J.D. Power. In order to differentiate, they're "making bets" on digital personalization for improved interactions – still, the reputation of the insurer's brand is the driving factor in a customer's consideration.
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.