Making the workplace work for banks and insurers.
Create your digital advantageThe digital revolution has raised customer expectations in every industry. Insurance is no exception.
Today’s customers expect more than a once-a-year interaction with their insurance providers. But what does “more” mean? More choice? More convenience? More channels? More innovative products? More personalized service?
The answer’s simple: All of the above.
Digital technology gives insurers powerful ways to offer more. It enables new ways of working, new ways of interacting with customersand new types of insurance products. Businesses that embrace the digital opportunity will build greater customer loyalty and drive more revenue. Those that don’t will be at a competitive disadvantage.
The benefits of becoming a digital insurer
Digital technology can enable a range of benefits for your business, including:
- Meeting the expectations of policy holders, employees, distribution and partners
- Improving operational effectiveness, better management of risk and fraud, and reducing the cost of manual processes
- Improved business agility and insights
These benefits provide value to both your customers and employees.
Digital customer: By delivering more choice, personalization and convenience and becoming a trusted adviser.
Digital workplace: By empowering employees through the use of digital tools, boosting their performance and customer service.
Enabling the Digital Insurance Workplace
Insurance as we know it is indeed changing and nowhere more so than in the environs of the insurance company workplace. A modern digital work environment is necessary if employees are to make better decisions and achieve greater results more quickly. A modern workplace enables insurance companies to be more nimble, responsive, effective and efficient.
More than 80 percent of insurance leaders believe digital disruption will transform not only how they interact with their customers but also how they manage their traditional processes and operations.
Turning data into business insights
According to Forbes, the rate at which data is generated and captured is doubling every 90 days and that the value of big data comes from the knowledge gained from it and what you do with it.
The Way Forward: How to Become a Digital Insurer
Insurers should look to digital as a way to expand relationships with their customers, improve employee engagement and performance, and grow their business. To become digital insurers, insurance organizations need to:
1. Be ready for change.
This requires a thorough self-evaluation and understanding of the specific set of goals, priorities and expectations for the enterprise. It is important to determine the order in which technology investments should be made.
2. Update and enhance core systems.
Systems equipped with digital capabilities provide the ability to connect resources across business units and streamline IT services, something legacy systems are struggling to do now.
3. Use digital to enhance customer communication.
Today’s digitally aware insurance customers expect personalized, real-time interactions with their carriers. New digital technology and social media services help insurers meet those expectations and make their touchpoints with customers more relevant and engaging.
4. Become a workplace where employees with digital skills will want to work.
This requires an ongoing commitment to develop a digital workplace – a social, mobile, always-on and data-driven environment that focuses on maximizing employee and process effectiveness, efficiency, performance and innovation.
5. Learn to love data.
The data deluge can seem overwhelming. But there are significant advantages to be gained from turning that data into knowledge about customers and processes.