Insurance web portal development in 2023

The last few years were extremely challenging for the insurance domain. The demand for such services has grown tremendously (due to the Covid-19 pandemic, crop failures around the globe, real estate crisis in Сhina, etc.), while the digital presence and the service range of the insurance providers were not able to cover it. During the 2020-2021 period most of the agents have already digitalized their assets, but now they have a new challenge to solve: customer needs in all fields from agriculture to work have changed.  

For example, according to recent research by Deloitte, now employees expect their work to be highly flexible, with a solid social package, motivation, a good career path, the ability to work from home, etc. Obviously, insurers should think about how they can cover these higher expectations with more customized and sophisticated services. This is the time for insurance agents to diversify and niche their services, make them customer-centric, meeting all insurance web portal digital standards.

So what trends and novelties should insurance agencies be ready to? Specialists on insurance web portal development from Fively software company helped us highlight 8 core trends that will shape the domain development in 2023:

  1. Appearing of Tailored Services

As we already mentioned, this is the main trend industry leaders should excerpt in the coming year. Now clients not only want to get a digital insurance policy, but they need to cover their special insurance needs online. Agencies should use the full potential of the technological breakthrough of the last years like AI and ML, customer data from social media, web browsers, and even wearable devices to analyze the emerging clients’ needs and be able to satisfy them.

  1. Customer Self-Service Continues to Grow

The next top trend in the insurance domain is the increasing customers’ need for self-service at insurance web portals and mobile apps. People want to have more freedom and the ability to solve their problems themselves without agents or customer service help. In this regard, insurance agencies should invest in creating online quote generators, policy calculators, and various chatbots. 

  1. The Rise of Digital Sales Channels

Just like the rest of the world, insurance employees also go digital, and thus, they start using new sales channels, like social media, chatbots in messengers, virtual customer assistants, etc. What’s important here, is that customers feel okay with this change, and even things that earlier required offline presence (for example, signing the documents or medical underwriting), also go digital with the help of various cutting-edge technologies (eSignatures tools, telemedicine, etc).

  1. UBI Insurance is Coming into Force

This is a type of insurance policy, where you pay only for actually used services (usage-based insurance). A good example here is pay-as-you-drive insurance, where drivers are charged only for the distance they have actually gone.

Such insurance policies also offer additional discounts to those who drive safely or lead a healthy life. For example, they can provide policies with telematics devices to track clients’ driving habits or daily life. This is closely connected with the next trend in the insurance industry enlisted in our top list.

  1. Insurance Telematics Becomes Popular

Thanks to the use of this technology, insurance agencies can track the data about the insured car movements, and count the amount of the insurance license grounded on the gained data. The popularity of telematics is being driven by the desire of people to get more personalized pricing. It’s also quite beneficial for agencies, as it helps to reduce the risk of deception. It can register if an insured driver had a dangerous drive – then their insurance policy can be voided.

  1. Services for Employees Working from Home

Before the COVID-19 pandemic working from home was rather an exception for the biggest part of the employees, but now the situation has changed. Researchers from Apollotechnical find out that as much as 1/4 of the employees in America are already working from home 100% of their working time, and the tendency will keep growing in the next years. For insurance agencies, this means that they need to create services and products able to support people who complete their tasks remotely.

  1. The Increased Use of Predictive Analytics

The use of predictive analytics has grown tremendously during the last 5 years, and the insurance domain is no exception here. Guessing the future is not a luxurious feature, but a necessity for insurance agencies, which increasingly use it to identify risk factors and properly calculate the number of policies for each customer. For example, if a client works on a risky job in summer or likes to go snowboarding each winter, the policy will be priced according to the gained data. 

  1. The continued rise of the API economy

The last trend in our list is the increased use of API-based (application programming interface) solutions. Insurers use them to enable the development of complex digital products and services, where several inner tools should work in real-time. For example, when a client writes a message to a chatbot, the API-based system connects it to the database and quickly gives the needed answer. This helps to create robust client-oriented insurance services without loss in quality.

Wrapping Up

The insurance industry continues to change at railway speed. Nowadays it moves from general digital transformation of its assets and services and going to the cloud to creating sophisticated robust insurance web portals based on customer trends, able to cover a wide range of special needs. 

It’s extremely important here not to take software only as a tool for digitalizing your insurance services, but rather as a companion in boosting your KPIs and building long-term relationships with clients. If you have an experienced software vendor and take into account all the current trends in the insurance industry enlisted above in this article, you will be able to provide state-of-the-art insurance services and build trust with your customers.