Digital Transformation In The Insurance Industry
Automating and simplifying processes both for the Customer and for internal insurance teams are what we are passionate about at InsuredHQ. We started this business with the ambition of helping clients digitize their business models with core system solutions designed for the Automotive, P&C, and General insurance industries.
Recently within the insurance industry, many scenarios that previously seemed like long-term strategic initiatives regarding digitization have suddenly escalated to more urgent priorities. Remote work for many is now the new norm, and this rapid digitization has left many insurers playing catch-up with the need to pivot to digital.
The Insurance Industry isn’t alone in this. All types of businesses are evaluating which of their pre-2020 business-as-usual activities can quickly shift towards digital platforms. The drive to service existing customers and gain new ones remains a primary focus even during and post this Pandemic.
Unfortunately, many insurers were unprepared for this rapid shift and are left playing catch-up with the apparent need to pivot to digital. The urgency of Zoom-ifying meetings with advisers used to Coffee meetups, or providing self-service client onboarding experiences across products, for example, had not been a top priority. Below are some key examples of Customer and digital-centric changes that insurers should be focusing on and leveraging in this new distributed and less in-person world:
1. SELF-SERVICE EXPERIENCES
As pressure increases for users to turn to digital or self-service experiences, such as checking the status of their claim or making an endorsement on mobile, the need to develop engaging and intuitive front-ends becomes more pressing.
These experiences need to easily integrate with back-end administration systems, such as InsuredHQ, without requiring complex and lengthy projects. They also need to provide 24-hour availability of information and peak-volume handling without affecting performance (and the customer experience).
2. SALES EFFICIENCY AND DASHBOARDS
It is not just your customers; your sales team, partners, and brokers need to access customer information remotely and quickly using various devices (smartphones, tablet computers, etc.). In addition, acquisition and retention initiatives need to work together for the long-term sustainability of your business, and gathering disparate sources of information about customers, products, and cohorts into dashboards can drive insight and future revenues.
3. CUSTOMER-CENTRIC EXPERIENCES
Simplifying processes for both the Customer and internal teams is critical, but they depend on having a modern and unified user experience. Therefore, new platforms for digital touch-points can be designed to maximize ease of use and user experience quality while integrating the necessary back ends and policy management needs in real-time.
4. FASTER ONBOARDING
Onboarding is often a source of irritation and churn for potential insurance customers who would like to be able to get this completed as rapidly and smoothly as possible — digitizing and automating as much of this process as possible is critical. By customers carrying out the process themselves, advisers can focus on more complex and valuable tasks to the business.
In this current global climate, each business needs to evaluate its overall existing organizational processes to identify those that need to be redesigned or digitized. Some easy and more complex but advantageous processes can rapidly deliver value with the right digital platforms and teams.
Whichever route insurers decide to take, the digital transformation of business scenarios has massively accelerated due to the global Pandemic.
Book a Demo with us today if you would like to learn more about the InsuredHQ Insurance Software Platform.