FITNESS FOR A DIGITALLY-CHARGED FUTURE
Technological developments in the insurance sector are a source of endless opportunity. Technology is empowering all those across the insurance value chain and enabling the delivery of world class products and services - from swifter customer response times to tailored products and thus more competitive pricing to more sophisticated fraud protection systems.
These technological advances are most effective when they come together to produce new systems that intelligently amalgamate existing social structures with current commercial activities to design a compelling proposition. Insurance companies, service managers and brokers must however carefully consider how and when to apply technology to add value to the customer experience. If done incorrectly, we risk commoditising our service delivery or exposing our customers or ourselves to increased cyber risks.
Here are three considerations that can put your business and that of your client’s, ahead of the pack:
1 Winning formula - seamless, convenient access
The development of smart, automated and autonomous systems will transform service offering, format and delivery from physical to virtual channels. This enhances user experiences in the following ways:
- Such technology enables 24/7 access, which in turn means convenient accessibility for customers – an option that is increasingly becoming a necessity
- Tools such as virtual assistants and chatbots can be invaluable in promptly managing large spikes in call or chat volumes
- User interfaces and service channels are evolving towards smoother, intelligent and bespoke interactions and services
2 Data more valuable than diamonds…
The value that may be extracted from data has exponentially increased, thanks to smart technology. The insights from big data and micro data is more valuable than ever before as these continue to inform product, service and partnership decisions, improve risk pricing, exposure identification and management, etc.
Your role in the collation of accurate data is vital in ensuring insurers gain better insights into the behaviours and preferences of targeted user groups as well as any emerging trends. Done right, this intelligence allows broker partners, insurers and customers to gain a competitive advantage.
3 Modernisation, mandatory
Legacy systems can be limiting while modern systems have a range of capabilities that can accelerate process enhancements, simplify ways of working, reduce costs, optimise collaboration and help position businesses ahead of their peers. Such modernisations are no longer a nice to have, they are mandatory for businesses that are invested in bringing their best to the table.
As a future-forward business, we began our mammoth transition to the leading edge TIA system in 2017 and are delighted to have commenced with its rollout earlier this month. We are excited about the prospects that may be realised from such a transformation, through your support and inputs.
Undeniably, technological developments are opening up new service solution areas, changing the face and future of insurance is exciting ways, and providing opportunities to better manoeuvre the challenges presented by this pandemic. Now, it is a matter of not just leveraging technology but also maximising - and perhaps even rethinking - the benefit it can deliver.