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  • Writer's pictureAnastasiia Faizulenova

Only 15% of Insurers Have an App or Digital Solutions For Their Customers

Interview of Anastasiia Faizulenova, CEO of Renova, to El Asegurador.

The insurance sector, for years, has been on a slower path to digitization. For various reasons, including the high costs associated with technology and a perceived lack of attractiveness to highly skilled IT specialists, insurers have generally hesitated to move full speed into the digital arena. However, these views are becoming less sustainable in today's rapidly changing digital landscape.

The demand for digital interaction is high. About 68% of insurance customers expect to approach the industry through applications developed by insurers. The expectation is clear, yet many insurers are unable to meet it because the transition to digital has been slow, mainly due to the aforementioned barriers.

In response to this urgent need for digital transformation, at Renova, we developed a code-free technological platform. Powered by Artificial Intelligence (AI), this platform allows insurers and their customers to interact in a user-friendly digital environment with just a few clicks. The outcome? Insurers can concentrate on serving their clients and maintaining their market share, while enjoying the added benefits of reduced costs.

Our innovative platform includes an AI-powered chatbot and a user-friendly customer application. These tools allow for a swift digital transformation where it becomes possible to create an insurance program quickly and efficiently. The upshot is that policyholders can instantly access their insurance programs, while insurers can manage all customer requests in one place and automate responses for 70% of their insured customers.

In the coming years, the acceleration of digital transformation within the insurance industry will only continue. The future of digital insurance will focus on offering customers a hassle-free experience. Alongside this, we can anticipate that digital insurance will rely heavily on data to understand customer needs and behaviours, enhancing underwriting and risk management practices.

Incorporating real-time data and information will allow insurers to provide more personalized insurance programs and pricing. These advancements promise greater efficiency, convenience, and innovation for an industry that has traditionally been slow to adapt to change.

Aiding this transformation is Renova's SaaS platform. This AI-powered, code-free solution can enhance the customer experience, simplify processes, and increase profitability for insurance companies. By adopting such platforms, insurers can cut development costs, increase their market share, and remain competitive in the digital age.

As we move forward, digitization will continue to revolutionize the insurance industry by increasing operational efficiency, enhancing customer engagement, reducing costs, and overall, improving the insured's experience. Insurance companies can leverage technology to better comprehend their customers' needs, offer personalized products, and streamline their internal processes to boost productivity.

In conclusion, the future of digital insurance is exciting. As the CEO of Renova, I am thrilled to be part of an industry transformation that promises increased efficiency, convenience, and innovation. By embracing digitization, we are not just keeping pace with the modern world, but also building a more responsive and efficient insurance sector.

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