Rakesh Parikh VP, Product Engineering – OneShield Software and Karen Furtado, Partner – Strategy Meets Action, discuss critical strategies insurers must adopt to compete in the emerging insuretech world.
Creating an engaging customer experience (CX) in the digital marketplace is increasingly a top priority for insurers. With insurance frequently seen as a commodity by consumers, the capability to connect with customers in the digital world is now key to future growth. From technology and organizational culture standpoints, how then do you evolve into a successful digital insurer?
In the “analog” days before the Internet and social media became important sales channels, the distribution process of offering, selling, advising on and preparing contracts was largely low-tech – typically, involving an agent or broker selling a range of pre-packaged and well-defined products directly to customers.
Today, insurance distribution is rapidly going digital and to remain competitive, insurers must embrace technology designed for direct-to-consumer in addition to providing the tools to allow the agents to perform better – as they are not going away, at least in the near future. Even product offerings themselves are changing from the traditional one-size-fits-all policies to individually customized products mixing business lines, risks, and customer usage preference and frequency.
Evolving to meet the needs of a digital insurance marketplace, involves much more than applying a new user interface on a customer web portal or ramping up a social media campaign. The changes needed to transform an insurer’s CX may not only require a new way of thinking about technology platforms, but also a new way of thinking as an organization.