With companies embracing digital transformation rapidly, all the business practices, services, and products are getting a new, empowering upgrade.
Authored by Chirag Buch
Recommended ArticlesView All
A look back at wild November: The biggest winners and losers
IST7 Min(s) Read
'Elephant in the room' — Finance Minister red-flags gold smuggling
IST2 Min(s) Read
The current age customers are digital-natives. Born in the golden age of Digital Technology, their journey and relationship with brands or products start with their interaction via technology, preferably using it to their advantage. They have rapidly evolving expectations, and having digital connectedness in their DNA, use it to communicate their demands and needs to the providers. They expect their needs met at the speed of light, and anything less is deemed substandard.
Organizations have rapidly adopted the technological prowess to meet these expectations. With companies embracing digital transformation rapidly, all the business practices, services, and products are getting a new, empowering upgrade.
The traditional insurance sector has also been evolving to adopt a more digital approach in recent times. It has been disrupting the status quo and focusing on providing a seamless customer journey that embraces this shift and overcomes a legacy culture's challenges.
Providing a positive customer experience is no longer just about offering excellent service. It's increasingly a way for companies in competitive markets to distinguish their brands. Convenient and meaningful interactions are becoming critical factors in choosing the right and relatable insurance.
Where to Start: KYC (Know Your Customer)
Creating a customer-first experience is about being innovative towards developing customer intimacy and trust that's agile enough to meet fast-shifting market expectations while driving down costs. Fundamentally, customers expect frictionless, connected services that are easy to interact with & experience. InsureTechs are leading the way, rethinking, streamlining, and simplifying the entire customer experience.
It is also essential to think about the customer's journey through all aspects of the value chain. It requires a robust marketing automation engine that not only simplifies but also gamifies the entire customer journey. The result?
Meaningful ongoing interaction with the customer will significantly boost brand reliability and recognition, moving the needle on the carriers' most crucial business metrics: conversion, placement, persistency, lead generation, wallet share, and NPS.
Embracing Innovation to Leapfrog into the Digital Age
Now more than ever, an insurance company needs to shine the spotlight on digital interactions with its consumer. To remain ahead of the curve, leaders must reinvent processes, innovate to win customers, and create new revenue streams.
Today's life insurers must deal with an incredibly daunting set of constantly changing business challenges and must meet all of them to thrive. Insurers must be capable of transforming operations, digitize the entire lifecycle of acquiring and servicing products, achieve unmatched speed to market, and drive policyholder engagement for exponential growth and reduced operational costs and risks in today's digital era.
With the right strategy and interactive customer engagement solution like Life.io insurance companies can catapult into the digital age, enter new markets through new distribution channels, and create new operating and engagement models.
InsureTechs can reduce the end-to-end purchasing process that takes upwards of 22 days to 5 - 10 minutes through digital interventions. It is one of the main reasons top insurance brands have adopted digital solutions from leading InsureTech firms to transform their operations, exceed their customers' expectations, and reimagine the customer experience throughout their journey.
Future-Proof for Growth
Today, leading InsureTech companies are powering the future of global life and annuity insurance. An advanced solution helps assess and qualify the impact of changing organizations' regulations and implement project and action plans that help keep them compliant and provide the transparency regulators require. The tools should simplify complex environments, reduce costs, workforce dependency, improve fraud detection, and touch upon the possibility of expanding business without crossing the borders physically.
To be successful in the future, building out a complete digital ecosystem is a critical first step. With a digital platform, insurers can do instant policy approvals and end-to-end purchasing process in minutes rather than days or even hours.
The key success factors in any insurer's digital transformation are reimagining the life insurance purchasing process and adopting a customer-first product suite that meets customer needs and a supporting ecosystem that delivers a truly digital experience. The convergence of technology capabilities and demographic trends makes it the right time to develop new business models that appeal to all consumers, not just the underserved.
Insurance carriers must relook at customer-centric solutions leveraged through next-gen technologies to improve their digital future-readiness.
Chirag Buch is Senior Vice President and Managing Partner at SE2 India. Views expressed are personal
(Edited by : Anshul)
First Published: IST