It’s widely reported that insurance organisations are lagging behind when it comes to operating digitally. Claims of ‘legacy systems’ and ‘siloed information’ are common, but often fall on the deaf ears of those who have worked for too long in the same way.
But this way of working is not sustainable. In 2017 ‘the millennials’ officially became the biggest presence in our workforce, a sign that this entire generation of technology savvy consumers have grown up. It should come as no surprise then that millennials are also the most underinsured generation; the sector is slow to adapt to their habits as consumers.
To stay competitive and avoid obsolescence, insurers must look forward and invest in creating a millennial friendly customer experience, in other words – a digital one. The ‘why’ has been answered, it’s time to ask ‘how?’, here are some ideas…
Accessibility & personalisation
Your customers are now using digital devices to access their bank accounts, they are using digital to buy their groceries, and they are using digital to boil their kettles! Younger consumers have become used to ease of access digital experiences that deliver a smooth and bespoke customer journey.
For example, personal shopping company “Thread.com” opens with a clean sign up followed by a survey. What is your body type? What are your preferred styles? Favourite Brands? Your age? From the get go this company focuses on their customer, gleaning important information in less than 5 minutes that will serve to personalise their experience.
There is nothing to stop insurers from doing the same. “how old are you? What type of insurance do you need? What is your budget range?” etc. A dedicated app would deepen this level of customer experience further, putting insurance and peace of mind into the pocket of your customer, only one tap away.
You probably already know that the insurance sector is notorious for its siloed structure, a problem that digital has the potential to fix, but also to exasperate.
Any business that has gone through a transformative process knows the value that unifying systems can provide, and many insurers are making the leap to digital with efficiency in mind. However, this change inevitably comes with growing pains. Transformation without strategy can result in the adoption of a maze of unconnected, disparate technologies that serve only to divide the business and develop digital silos between teams and departments.
Integrating your digital systems is the answer. A centralised, single piece of technology to unite different systems across the business – allowing different departments to communicate and share effectively. Your customers will thank you if their experience isn’t slowed or exasperated by internal inefficiency.
Robotic process automation (RPA) is one of the latest buzzwords to make its way into the sector, but it isn’t just another technology craze. It has potential to save huge amounts of time and money by placing certain responsibilities into the hands of artificial intelligence.
Automation is not necessarily a new concept within insurance. It has been deployed with varying degrees of success previously, to manage dull or simple tasks such as scanning documents. However, the advent of RPA means the opportunity for far more advanced tasks to be automated.
For example, the on boarding process for new clients. Our AI friends are now capable of doing the legwork when it comes to moving a new client from a CRM system to an underwriting system, or taking on the task of lengthy, dull data entry. Reports can also be generated by AI, enabling analytics without human error.
For the customer, this means speed. They aren’t waiting for your overworked human resources to fill out hours and hours of never-ending paperwork because a speedy AI has done the legwork in less than half of the time.
You’ve heard it before. Time is money. The innovations highlighted here are all time savers, this is the key to getting ahead of the competition – operational efficiency.
Insurers are steadily adopting these new technologies that will add value to customer and employee experiences, don’t fall behind, and keep an eye on the technology landscape, as the next innovation is right around the corner.