Digital transformation has been a main focus for the insurance industry, but many companies are struggling to create a complete digital strategy. A digital strategy should not only cover how insurers underwrite policies but also in the kind of customer experience they create. However, current transformation strategies often leave gaps for both the insurer and customer. For insurance companies to close this gap it’s vital they create a digital strategy that promotes easy communication, and improves customer experience.
In a recent report by Aite Group, The Meaning of Digital in Insurance: A Total Transformation Strategy, five main areas of digital transformation were identified that will put insurance companies on track to a complete digital strategy.
“Six of the 10 most used applications today are messaging applications. Consumers have spoken, and they have a preferred communication channel,” says Bob Guidotti, EVP and President for Software Solutions, Pitney Bowes. “Today’s empowered consumer expects businesses to meet them where they are. Businesses must recognize this and integrate technology capabilities that allow them to have immediate, data-driven conversations with their customers.”
Customer Expectations: Today’s customers require instant gratification in terms of communication. With the increased availability in channel options for customer service, it’s important for insurers to connect with customers where they are whether that be via chatbot or social platform.
Customer Experience: Insurance companies are notorious for poor customer experience. Incorporating digital tools that offer quick, easy communication will help promote an improvement in customer experience and brand perception.
Operational Costs: With a reduction in manual processes, comes a reduction in costs. Technology solutions may have an upfront cost, but the automation that they offer will save money in the long run.
Multiple Channels: No matter how a customer interacts with your company – face-to-face, online, or over the phone – the experience should be the same – easy and positive.
Digital Definition: Digital means different things to different people. Create a digital definition for your company that is easy to understand and actionable. If employees know what is expected, they will deliver.
To learn more about digital transformation in the insurance industry, download the report.
