Digital transformation is impacting all sectors from healthcare, charity/ non-profit to manufacturing. Traditionally the insurance sector can be slow to modernise, but it’s becoming clear that to remain competitive, digital transformation needs to be embraced.
According to a survey conducted by Oxford Economics and Accenture, “*90% of insurance respondents say that in five years, consumers will buy most of their insurance through online and mobile apps.” Evidence of the importance of an online presence in this sector. One of the biggest challenges for insurers today is leveraging technology to build and improve their business while preserving that fundamental personal touch. Human emotions such as trust play a central role in both winning new customers and retaining existing ones.
Examples such as updating systems, live chats, predictive analytics and cloud migration, are all enabling insurers to keep up with trends within the digital world. Digital transformation has changed the industry by helping operations become more streamlined with less customer interaction which can be done remotely via online chats, speeding up processes and integrating information which works faster and is more accurate.
Elements digital transformation can improve:
- Customer service
- Targeted communication
- Claim creation
- Product management
How is digital transformation having an impact?
Tailored customer service
Insurers have access to a range of tools that are giving their customers excellent personal service without extending their resources. The customer has control in being able to access resources without having to speak directly to a representative. Additionally, marketing efforts can be more personalised which helps with data analytics and the ability to target people with relevant offers and pricing. Enabling the company to gain a better understanding of their audience.
Creating agile foundations
Digital transformation allows companies to future-proof themselves and as these technologies continue to evolve, the foundations are being put in place to help to grow and nurture new technologies and the capabilities that come their way.
Scalable and efficient
Methods for efficiency, time-saving processes and speeding up customer service with digital assistance provides immense time savings. Whilst being scalable helps brokers and insurers make accurate decisions on policies and new product offerings. It also enables them to be flexible and keep up with current demands.
Automation adoption
Digitalisation has led to customers expecting a high level of speed and attention. This would be almost impossible without automating processes. Efficient and effective technologies and techniques such as implementing forms that are intuitive and simple to fill in and a live chat function to automate communication provide huge benefits.
Strategic focus on customer experience
Identifying critical elements that differentiate the insurance company in the marketplace is a major element of the digital transformation strategy. Looking at ways to optimise products with innovation and serve the needs of the customers: It all comes down to “how can we beat our competitors and make customers choose us as the preferred channel?”
Examples of how we have helped insurance companies adopt digital transformation to push their businesses forward
A long-standing client of ours since 2016. Our team works closely on various development projects including a secure web platform offering a range of bespoke risk management tools to help transform data into graphical reports and deliver key insights. The system we developed (being used by over 8,000 people) allows its users to access both the ‘big picture’ view of risk management, and to dig right into the most granular sets of data. This information is conveyed through stunning graphical reports and charts and enables decision-makers to keep up-to-date with ever-changing risks wherever they are in the world. The tools and analytics services are customisable to meet every user’s needs which helps them to prioritise key risk-reducing actions. This minimises any potential loss from property damage or business interruption.
We developed an application giving the firm’s underwriters a real-time view of risk; enabling faster, better decision-making. The completion of the web-based app used for on-site surveys, TaRDIS, will see Software Solved having supported both the UK and Global sides of RSA’s risk management business. Working on systems created from the assigning and completing of the risk surveys through to the client viewing the data via the Customer Portal.
*Oxford Economics and Accenture PDF INSURANCE: Digital Transformation Remaking an Industry
Book a discovery call to discuss digital transformation options within the insurance sector.
