How insurance companies can benefit from self-service machines
Insurance companies face a number of challenges in today's fast-paced world, like high levels of competition, customer distrust, and mismanagement of insurance processes. One way for insurance firms to stand out is by elevating the customer experience. This is where self-service machines come in.
The machines can differentiate insurance businesses by providing a more convenient customer journey through 24/7 services, thereby expanding the sales channel at a lower cost.
In this article, we will be discussing why insurance companies should consider deploying self-service kiosks in more detail.
How self-service machines work?
Self-service machines are interactive kiosks that enable insurance companies to provide 24/7 insurance services for their customers. It empowers customers to apply for insurance services on their own (for example, travel insurance or vehicle insurance), input and scan their personal information, pay for the services, and receive their insurance card, contract and receipt instantaneously.
Besides using biometric verification that includes fingerprints, hand geometry, and signatures, the self-service kiosks can also verify the customer’s personal ID through integrated KYC technologies that can match the ID photo with the user using facial matching technology, and validate the passport, ID card, or driving license.
The multifunction insurance self-service machines can be located in public places outside insurance buildings to provide 24-hour access to services, such as:
- Applying for accidents compensation
- Issuing policy certificates
- Buying or renewing policies
- Submitting claims
- Retrieving quotes
- Printing claim forms
- Checking medical networks
This minimizes the need for customers to wait in long lines and provides them with greater convenience. It also boosts insurance companies' business hours and market reach without increasing branch size or expenditures.
Top 5 benefits of self-service machines for insurance companies
Availability of Services 24/7
As mentioned before, self-service machines will allow you to provide services outside of your physical branches and business hours. Furthermore, self-service machines are equipped to accept various payment methods such as cash, cards, or cheques, allowing customers to pay for their services in any way they want.
Eliminate Queues
To eliminate queues, insurance companies can consider installing self-service machines in smart self-service zones outside their branches or in public locations. Customers can use these self-service machines to avail themselves of a variety of services such as checking insurance records, accident claims, repair authorization, damage assessment reports, or scanning documents. Hence, providing a great customer experience.
Decrease Human Errors
By providing customers with a fully automated self-service process, the possibility of misunderstanding during customer-employee interactions is reduced. Furthermore, self-service solutions eliminate the need for employees to handle customer data and billing information, which reduces the number of human errors, increases transparency, and improves customers’ satisfaction and level of trust.
Provide Valuable Business Insights
Integrated with a business intelligence tool (BI), self-service machines can provide insurance companies with valuable insights, such as reports regarding peak hours, revenue reports, sales patterns, and so on, allowing insurance companies to make data-driven and well-informed decisions.
Reduce Operational Costs and Increase Scalability
A self-service machine may provide customers with a wide range of insurance services both during and after working hours, eliminating the need for additional employees and branches. It may also be easily relocated to another location if necessary. This broadens insurance businesses' sales channels, providing a growth potential while lowering labor and operational costs (OPEX).
Subsequently, insurance company management can redistribute their workforce for optimal human resource utilization.
Enhance your Customers’ Journey with SEDCO’s Self-Service Machines
To differentiate your business in an increasingly competitive industry, you must develop methods to deliver convenient insurance service experiences. Deploying SEDCO's self-service machines is one of the most effective methods.
Customers can obtain services instantly from SEDCO's self-service kiosks rather than waiting in line at a service counter, thereby reducing wait time. Furthermore, allowing customers to serve themselves frees up your retail personnel to focus on other aspects of the business, which subsequently enhances the customer experience.
Powered with a voice command feature, SEDCO’s self-service machines allow customers to interact by voice with the kiosks, empowering them to “speak” with the machine in a manner similar to face-to-face interaction, removing confusion, and providing a more pleasant touchless experience.
Furthermore, with targeted advertising, SEDCO’s self-service machines enable you to cross-sell other services that customers may not have explored otherwise. Customers may consider obtaining additional policies or improving their current insurance package, for example. This can have a significant impact on insurance companies’ sales volume while also motivating customer loyalty.
Integrated with a powerful business intelligence platform, SEDCO’s self-service solutions provide live dashboards to centrally monitor the performance of all the deployed self-service machines. Generating performance reports and data can give insights on how to improve operations. For example, data on sales trends might assist insurance companies in identifying insurance sales possibilities during different seasons or based on different age ranges. This kind of data enables insurance companies’ administration to make smart strategic decisions in order to capitalize on growth prospects.
Start your journey toward growth today, get in touch with us to learn more about SEDCO’s smart, secure, and flexible self-service machines.
