Like many industries around the world that have seen change due to digital transformation, insurance will need to adapt to technological advancements. The insurance industry is generally characterized by brick & mortar agencies, a plethora of documentation work and countless enquiries all in the name of procedures and formalities. It finds itself caught in the struggle between the emerging digital disruption and staring at legacy processes.
The last few years have seen insurance has been trying to catch up with other industries in an effort to provide its customers with elevated customer experience. The industry has been making a shift from a product-centric approach to a customer-centric approach. The emergence of predictive analytics, mobility, and cloud computing and big data has disrupted the insurance industry. In addition, the ever-changing technology landscape coupled with the changing digital age customers is changing the rules of the game.
This disruption is changing the way insurance providers carry out their business and it is also helping them move away from what was a policy centric driven model to one that’s more focused around catering to needs of the customer. The disruption has been a result of a dramatic shift in customer expectations who wants to have more say when it comes to choice and control over their experience.
Because of these expectations, many carriers lag behind retail, finance, and healthcare when it comes to putting customer-centricity at the heart of everything they do. The idea of digital transformation has become ubiquitous and enterprises are moving away from past questions of “why” and “if” to “when” and “how”. With the advent of digital technologies, organizations are living in a highly connected age, but many insurance organizations are still relying on legacy processes that were not designed to meet present-day digital age requirements.
If carrier organizations are betting their future on digital transformation initiatives to increase customer engagement and retention, then they should not overlook the efforts of finding emerging ways of reaching and interacting with new and existing customers. It’s not only customer expectations and experience that are changing but how you reach and delight customers are continuously changing. People switch from one insurance provider to another every year for a variety of reasons. People switch their jobs, get married, have families – and have a variety of needs as a business person. Relying on age-old practices and processes to engage and retain customers that are far from accurate and unreliable can lead to poor sales response or product launch fall flat or fail to elicit an emotional response.
How customers are currently interacting with their organization and how they are engaging with them is increasingly becoming complex. As a result, insurance organizations are forced to find out new ways to determine how customers’ behavior and sentiment changing across different stages of the lifecycle.
It is imperative on the part of enterprises to stay updated on how they should optimize the customer experiences right from being discovered, convert those visitors into customers, retaining these customers and turning them into brand ambassadors
Leveraging technologies like predictive analytics, mobility, cloud computing, big data is increasingly becoming important in the insurance business—a must-have for success in their journey to the digital transformation. These technologies are rapidly transforming the insurance sector and enabling them to redefine customer engagement in the context of digital disruption.
- But how do organizations successfully adopt this digital innovation?
- How do they integrate it into their existing framework?
- And how do they integrate leading-edge proprietary analytics
- How do they streamline legacy business processes such as enrollments, underwriting, claims, and customer services?
Time and again, we see carrier companies spend hours creating a product, targeted campaigns, only to fail to leverage digital disruptive technologies in delivering seamless support across digital channels such as online self-service, social, messaging and chat.
The competition for customers in the insurance industry is as fierce as ever. But the new battleground isn’t product or price or even brand—it’s customer experience. With Prime INSURANCE MANAGEMENT SERVICES, you’re able to meet business objectives.