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Achieving the vision of digital insurance
Achieving the vision of digital insurance
The insurance landscape has undergone a major shift considering the COVID-19 situation, and this industry is one of the most competitive industries that has been facing quite a few challenges. Growing market demands and changing customer expectations combined with ‘disruptive’ digital transformation is forcing insurance enterprises to think outside the box and derive solutions to stay ahead of the game.
In a survey done back in 2016, the leading research firm discovered that 47% of insurance customers stated to have had a positive customer experience, but the report also stated that only 34% of Gen Y customers stated the same.
The key elements that have a major impact on customers are:
Social
Digital media platforms and channels that customers use frequently for information and research
Mobile & Sensors
Telematics and connected devices play a major role in personalised products & discounts on premiums
Analytics
Advanced & Predictive analysis help gain insights into customers
Cloud
Innovation, access from anywhere anytime and easy share of information
Multi Experience platforms
Voice calls/chat, Video calls/chat, AR, and wearable experiences, along with regular mobile & web applications is the way forward.
Automation can reduce the cost of a claims journey by as much 30% says McKinsey.
Leading companies are using data and analytics not only to improve their core operations but to launch entirely new business models. Some of the aspects that insurers need to focus on to ensure better business is achieved are:
● Technological leadership and innovation.
● Customer ownership
● Efficiency [save cost] and effectiveness [higher ROI]
● Scalability
● Speed & business agility
These new value drivers will help insurers chalk out the roadmap into the future to transform their businesses and create differentiators. It will help them create new strategies and help them understand the industry disruption factors better
Read our eBook “Achieving the vision of digital insurance” to know more!
