Insurance self service kiosk

Insurance Kiosk – a Feasible Marketing Solution for Insurance Companies

Before delving into the relevance of Insurance kiosks, let’s gather a basic understanding of the insurance industry. The insurance industry has many economic and social implications. The insurance sector offers economic support to the people at the time of adversity and reduces the risk of falling into deprivation. It has a huge role in improving trade and commerce by issuing policies to business establishments and companies. Capital accumulation is an important role played by the insurance companies.

A worth-mentioning fact pertaining to the health insurance sector is that it experienced significant growth during the pandemic times. While all other service-related sectors witnessed setbacks during the Covid pandemic, the Health Insurance companies thrived due to the increased demand for medical treatments.

The insurance digitization is taking place at a fast pace in the Middle-east market. Of course, the Covid pandemic, served as a catalyst in the digital transformation. With the advancement in technology, the service-related perception and behavior of the customers changed dramatically. Customers nowadays, want fast, convenient, efficient and customized services.

Insurers in the middle-east are now experimenting with the latest technologies like Artificial Intelligence and Internet of Things to better understand the specific needs of the customers. And here comes the deal. Insurers can also leverage the benefits of Insurance kiosks to expand and increase the ROI. Customers seek more control, and self-service technology effectively caters to this need. This article will let you know why it is important to invest in insurance kiosks. Read on…

insurance self service-kiosk
insurance kiosk

What is an insurance kiosk?

Self-service kiosks are nothing new to the financial sector. Banks and various other financial institutions deploy kiosk machines to improve their operational efficiency.

A well-equipped self-service kiosk for insurance performs the day-to-day operations of an insurance company or branch with utmost efficiency.

An insurance kiosk is one of the most feasible solutions for insurance companies to market their products and extend their reach to the customers. The kiosk even serves as a “box branch” that performs almost all of the policy-related tasks performed in a physical branch.

Panashi insurance kiosk is a comprehensive self-service solution loaded with the necessary hardware, software and API integration. An insurance kiosk has the full potential to become a valuable business proposition for insurance companies.

Panashi Insurance kiosk functionalities

A fully-equipped insurance kiosk helps to streamline the operations carried out in a physical branch and makes it highly convenient for both the existing policy-holders and new customers.

An insurance kiosk helps the companies to perform the following tasks with better precision and minimum time. And the tasks are listed below.

  • Sell policy via kiosk
  • Insurance premium generation through back-end integration
  • KYC compliance
  • Manage policy payments (cash/card/cardless payment)

How insurance companies benefit by deploying an insurance Kiosk

  1. 1. Bring down expenses - The insurance company can avoid overhead expenses to a great extent.
  2. 2. Reduces human intervention – The insurance kiosk performs the tasks with great precision and accuracy.
  3. 3. Reduces waiting time – Buying a new policy can be time-consuming depending on the nature of the policy. An automated insurance kiosk can drastically reduce the time involved in the process.
  4. 4. Remote monitoring facility – Panashi Insurance kiosks offer remote monitoring facility that allows company representatives to monitor the operations from a different location.
  5. 5. Helps in company expansion – the Insurance company needn’t have to setup a new physical branch for the purpose of expansion. A self-service kiosk can be deployed almost anywhere in minimum space at the most convenient location. As already stated, the kiosk can serve as a “box branch.”
  6. 6. Improved customer engagement – Panashi insurance kiosk is loaded with an interactive touchscreen and user-friendly interface. The customers can easily access the policy-related information on the touchscreen, make on-the spot payments and walk away with their policy.
  7. 7. Build customer loyalty – The “convenience” factor coupled with seamless user-experience aids in building “brand preference” and, in the long run - customer loyalty. Remember, a loyal customer happens to be the greatest advocate of your business.
  8. 8. Advertising and branding – The idle time of a kiosk machine can be used to display ads, products, plans and schemes etc. The insurance kiosk also serves as a “branding unit” if deployed at the right location.
insurance kiosk machine

Insurance Kiosk components

Panashi is a prominent self-service kiosk consultant, software and hardware provider and we offer our services in the Middle-east and MENA region.

Panashi insurance kiosk is loaded with all the essential components to facilitate multiple processes via a kiosk machine. And they are:

  • Touchscreen monitor
  • Webcam
  • Card printer
  • Thermal printer
  • Scanner
  • Card printer and dispenser
  • Cash acceptor
  • Cash dispenser
  • Magnetic strip reader

Insurance providers should take the necessary steps to implement digital transformation to stay relevant in the industry. Insurance digitization has become the new normal. Apart from achieving reduced overheads and improved operational flexibility, digital transformation brings about a remarkable advancement in the overall user experience.

If you are into digital transformation and would like to leverage the maximum out of Interactive kiosks, this is the apt time.