Technology advances in rapid rhythms in all areas and affects all business sectors, insurance included.
For years now, international insurance companies have been selling insurance products online. They have developed systems and algorithms enabling any person, to receive instant quotations, after completing a questionnaire, pay up and print an insurance policy for various insurance types.
In Greece, the same practice is being implemented, mostly for motor vehicle insurance, which is compulsory by law, as is premium payment prior to the issuing of the relevant Insurance Certificate. Therefore, insurance companies are able, through a modern computerized system to issue motor policies, having even received their premium in the process.
Cyprus has been catching up, with certain companies having taking steps towards automating their motor vehicle insurance policies, and even offering instant quotes and issuance of policies for home insurance.
Our own company has not been taking steps towards advancement in a technological trading practice. We do choose to follow the technology flow, and the huge impact of the social networks on society, for the purpose of information, support and consultation to our clients, current and potential ones, our associates and the consumer in general. We have also invested in technology in terms of constantly updating and developing our software and document distribution systems, resulting in efficient ways to communicate within our office and with our agents and associates. Easy communication within, inevitably results in better service out- towards the client or potential client. Our focus on better “service”, rather than more “selling” is in line with all our company’s principles, from the promise to look after the client, fast, to our commitment for transparency, good faith and integrity, as what we do is offer a service – not a commodity.
Anyone can visit our website and study our insurance products, and very easily contact us for clarifications. They may complete our online Proposal Forms, submit them, and, though they may not receive an instant quotation, they will have it in their inbox within minutes or hours. It is our firm belief that the insurance product can never be transformed into an item that can be sold instantly. Insurance is a field where personal communication with the client is significant, and the capability to be flexible and provide individualised services, is of crucial importance.
“E-nsured” is our clients’ own online portal, enabling them to have instant access to their covers, including interesting details such as expiry dates and sums insured. The insured can then be aware at any moment of where they stand insurance-wise
We do utilise the power of the social media, FB and IG, for promotion and advertising, but not exclusively for these purposes. Through Messenger, a client and a non-client, can communicate 24/7 with the page admin regarding anything that concerns them about insurance, and receive an (almost) instant response.
Even though RCI has not been integrated into the «automatic online policy selling» system, even though we believe that, notwithstanding the simplicity of the facility, insurance cannot become impersonal. RCI is very active online and fully in tune with advancing technology trends. Our mission is to stand, sit, travel with you and protect you, and technology helps us do that, and that is why we love technology!
And a last point – AI and CHATbox (and everything related) are now invading their way into Insurance. We have tried to ask questions in various fast-developing applications of the sort. Some are absolutely accurate in some points, but very misleading in others, which – when it comes to insurance – a service develop to help mitigate mishaps, it might prove dangerous for anyone to make decisions based on what the ChatBox [#anythingAIgenerated) comes up with. However, one common thing we found everywhere, is that the answers always involve “contact your insurance advisor for explanations….” or words to that effect. So – how can AI ever replace insurance services for advice, when the application itself advises that one has to speak to another person – an insurer or consultant- to get the right advice? So can insurance ever become automated? RCI’s answer is clear. We are on hold for the industry’s response!