A new reality
Just a few years ago, the insurance business was completely different. Now, its undergoing a transformation right before our eyes. And its not just down to new technology: actual consumer behaviour is changing, too. The digital generation, which has become the most economically active, is setting the tone.
That generation simply cant imagine life without gadgets and social networks. They make big demands on the quality of online service, the biggest being the availability of a convenient mobile app which enables you to select an insurance product and receive a quote straight to your mobile phone. Taking out a policy and settling an insurance claim can only be done online and without direct communication with the insurer. Its already more than a service: its an important way of promoting insurance products.
Changing stereotypes about client behaviour is a challenge for the insurance sector, which has historically been conservative. How should it cope with the tide of change? The only optioni s to adapt. Technology should aid the transition from evaluating risks based on historical data to evaluating individual risks in real time.
Companies have started to use Big Data, analysing their clients driving habits, health status and other factors to establish individual tariffs with the help of telematics. A topical example of future technology is insurance based on car sharing where the driver is insured only during the trip or for the exact timeframe in which the insurance is needed.
The process of settling insurance claims has become easier. For example, VSK actively settles claims remotely via the app. You can forget about that compulsory visit to the insurance office. Even now, a client who has been involved in an accident can record what happened right at the site of the road traffic accident using the VSK Insurance app. The system determines the users location and automatically sends it to the nearest service centre, after which he or she will receive step-by-step updates about the claim.
Another example is from the medical insurance sector: the clients personal web office becomes a centralized medical record which shows their history of doctors appointments and prescriptions and allows them to speak with the doctor remotely thanks to telemedicine.
A new approach
VSK has been actively developing its online services since 2017. Rather than a fashion statement, this was a decision taken on the basis of client survey results. Clients lacked the tools to receive a quick and convenient response, that is, reassurance that the situation was under control. This is very important in insurance cases. Now, without leaving the app, you can get practically any policy: third-party liability cover, fully comprehensive insurance with online car inspection, housing insurance, health insurance (telemedicine, treatment abroad), personal accident cover, and the list goes on.
The number of clients regularly using these services has already exceeded 1.5 million. In December 2018, the VSK Insurance app was recognized as a service solution as part of the annual Innovation Time awards, whose nominees traditionally include Russias biggest companies such as Sberbank, Aeroflot, and Samsung Electronics.