A wealth of content was covered at the Digital Transformation in Insurance virtual event. We thought we would take two of the presentations and share our thoughts on a few of the salient points that were surfaced. We hope you enjoy the read and would love to hear your comments.
Standards. Professionalism. Trust.
Steve Jenkins, Development Director of Chartered Insurance Institute, has his focus set on ensuring that customer trust and professional standards remain core during this digital evolution.
Engaging customers and securing their trust are challenges faced by the industry. Competence, integrity and genuine care for the customer are key for the insurance world to embrace professionalism and to meet these challenges.
Among many insurers, there is a big focus on nurturing the knowledge of their people to develop, attract and retain good talent and expertise. Insurers know though that it is more than just knowledge, it's about putting the customer at the centre of everything they do, because by focusing on that customer centricity, professionalism will be driven as a result.
However, in this digital age it is not only the human workforce that needs to focus on customer centricity, but also the digital workforce. It is estimated that 89% of insurance CEO’s believe AI in its range of forms will significantly change the consumer experience by 2025.
So, how will insurance companies knit their human employees and AI technology together to engage customers and secure their trust? We believe it will be achieved through orchestration. Enate foresaw this need back in 2017 and created a platform allowing customers to plug and play AI technology from different vendors, while keeping the human in the loop. Right work to the right resource (person or AI) at the right time. Human workers become more productive while enabling a faster, lower-risk path to digital transformation. As one of our insurance customers said:
"Enate’s Service Orchestration platform has had a striking impact on our work culture. Staff have been able to move from ‘fire-fighting’ to having the time to respond comprehensively. This has resulted in better service, much improved employee job satisfaction and greater confidence at key intermediary meetings. The mood music on the floor has completely changed, people are happier, and we now measure the service in terms of compliments."
Gartner: “companies that succeed are those that stay human and customer focussed and quickly innovate.”
Marlon Bromfield of Sopra Steria outlined how 50% of insurance organisations admit they are losing momentum with technology transformation - but more than 80% want to accelerate progress. Marlon highlighted the best approach to getting started is to consider that “the customer is at the heart of how insurers operate. They are a disruptive force that can’t be ignored.” They are also less concerned with brand familiarity than getting the service they want.
The good news is that COVID-19 has made policy holders far more aware of the true value of insurance. As new risks continue to emerge in our ‘new normal’ we connect differently, and we require different ‘things’. Now is the time to use technology to pay closer attention and improve customer experience, which can be hard to do if your entire team is firefighting, or handling the more mundane processes instead of focussing on your greatest differentiator – service.
This is where digital transformation comes in.
Market research conducted by Sopra Steria indicates that 57% of insurance firms want to achieve better customer service through digital transformation. 41% felt that focussing on their speed to market was key, and 40% want to remain competitive. However, 1 in 5 digital transformation projects stalled in the 12 months leading up to the pandemic, with the bottleneck appearing to be concern over legacy systems, particularly within more mature organisations.
Now more than ever, is the time to consider technology that allows you to bring together current legacy platforms with new AI technologies to imporve customer experience. The following case study explains how Enate helped Utmost Worldwide (then Generali Link) successfully transform its operations through automation, within the constraints of existing legacy technology platforms. Read how.
We can help you speed up your digital transformation journey, while keeping your workforce happy, your legacy platforms in place, and your customers at the heart of your operations. If you are interested, then get in touch.