1、Innovation is MultilingualBeatrice Dela Pena,CPCU,AIDA,AINS,API,GEICO“InnovationInnovation in the insurance industry involves creating and implementing new ideas,methods,or products to enhance servicesenhance services,improve customer experienceimprove customer experience,and increase increase effic
2、iencyefficiencyIn the context of multilingual capabilities,innovation means embracing languagesto better serve a broader customer base.This can involve offering multilingual customer supportcustomer support,creating marketing materials in multiple languagescreating marketing materials in multiple la
3、nguages,and developing digital tools digital tools that cater to different linguistic needs.By doing so,insurance companies can improve accessibilityaccessibility,build stronger stronger relationships with customersrelationships with customers,and tap into new marketstap into new markets.”What is Mu
4、ltilingual Innovation?In the United States71.1 Million People Source:S1601:Language Spoken at Home-Census Bureau TableSpanish Language StatisticsWorldwideUnited States 57%of U.S.born Hispanics speak Spanish 51%say it is important for future generations Total of 42 million speakers in 2022 If U.S.wer
5、e a Spanish speaking country it would rank 2nd Source(s):Pew Research,Instituto Cervantes at FAS-Harvard University Spanish has the 2nd largest number of native speakers(500 million)behind Mandarin Ranked 4th for total speakers worldwide Total of 21 Spanish speaking countriesA Lack of Multilingual I
6、nnovation Increases Industry CostsA Lack of Multilingual Innovation Increases Industry CostsLocalized SolutionsLoss of Revenue Cost of Quality&Resolution Vendor Costs&Opp to Optimize PartnershipsOperational inefficiencies Manual or Incomplete SolutionsTurnoverCustomer Service CostsIndustry Can Reduc