Insurtech is revolutionizing the way people access insurance and how insurers reach potential customers. But how does that translate to more sales, increased retention rates and an improved customer experience?
Technology that embraces data is the linchpin for success in a world where consumers demand you know them—and provide relevant information seamlessly via their channels of choice—while considering their specific situation and preferences.
Established insurance firms, saddled with complex and inflexible legacy systems across multiple product lines, often find themselves feeling less agile in their ability to respond to rising consumer demands. This creates an opportunity for nimble challenger brands with a technology-first philosophy to attract customers with bespoke solutions and niche products.
So, what steps can you take to protect your firm against this threat, or better yet, take advantage of the opportunity?
Step 1: Craft your vision – When it comes to attracting and retaining business, a customer-centric vision is essential. Offering “intuitive” services can deliver greater customer value and enhance loyalty while lowering aggregated costs and increasing profitability. It’s the leap you’ll need to make to get ahead of less agile players. Indeed, traditional insurers need to reassess their conventional attitude towards data-driven digital technologies and modernize their processes and the relevance of their customer offer.
Step 2: Use data to deliver a “customer first” experience – Data without the means to accurately interpret it, effectively analyze it and then generate, execute and monitor related actions from it has limited value. In this context, however, data can inform how you design your business, target your markets and engage with your customers. “Digital by Design” should be your core principle and within the business DNA to deliver a complete omni-channel experience. Enabling technologies, like digital process automation (DPA) and business process management (BPM) are critical to personalizing individual customer experiences.
Step 3: Adopt a fresh perspective on the traditional view of insurance – Leverage talent that’s willing to consider new ideas, ensure the right people lead your transformation and give them the freedom to execute technology- and data-driven plans aimed at the consumer. Be prepared to occasionally fail. Test and learn is a strategy. Hope is not.
Customer experience is the differentiator. It’s about making it easy for customers, providing accessibility, engendering trust, and delivering relevant information and cross-channel value. Ultimately, that’s what will decide the winners in a digital world.
Learn how AWD, SS&C’s leading business process and case management platform, helped a Fortune 200 insurance company implement an end-to-end business process redesign for its Claims and Beneficiary Care and its Customer Care Center.