As an insurance organization, when was the last time you thought of digital upheaval in your industry? If your answer is No, then you are not alone. Unfortunately for most insurance organizations digital transformation has become an afterthought, for some strange reasons it didn’t appear to be priority, however ground reality speaks something else.
If something is not relevant, then people don’t respond to it
The adage yesterday’s luxuries are today’s comforts and today’s comforts are tomorrow’s necessities, holds lot of relevance now more than ever. Knowing what works in the business can be very valuable, but knowing what doesn’t work in the real world is even more valuable because if something is not relevant, then people don’t respond to it.
Insurance organizations biggest challenge is staying relevant
If we notice one thing, the technology ecosystem is changing rapidly and one of the greatest challenges all insurance organizations face in business is staying relevant in this constantly evolving business climate. People are becoming more tech-savvy and not shying away from embracing emerging technologies because it is making their life easier.
Losing relevance means being left behind in the digital transformation race
It hardly makes sense how long you have been in your business line, what makes sense is, how quickly your business is adopting to change, all this boils to one thing: remaining relevant in this cut-throat business environment. Because losing relevance means, staring at a situation where we risk being left behind in the digital transformation race. So what it means is that, you should do whatever it takes to stay relevant.
Here is how Insurance can go from boring to interesting
Banking, retailing and telecom companies are doing well when it comes to capitalizing on the benefits of digital transformation and staying ahead of the curve. There is no reason why insurance companies should not follow the same strategy and stay relevant in business race.
Disconnect in expectations between consumer insurance companies
As long as insurance carriers continue to rely on age old practices to connect with the consumers there will be disconnect in expectations between what a consumer wants, and insurance companies actually offer. The digital generation has technology at the heart of everyday life. Where the big disconnect happens between insurance carriers of the yesteryears and digital age consumer is the multi-channel interaction also known as Omni-channel communications.
Why it is important to understand digital interactions
If carriers need to improve interactions with digital generation customers then the key starting point is to understand where customers are spending their time and how they take place. No one can deny the fact that digital generation spend their maximum time on mobile and it is no wonder that data consumption on mobile has surpassed data consumption on desktop.
What is that one thing insurance companies can do to engage customers?
Well the answer is connecting in ways that your audience wants to connect. What insurance carriers should do? They can start creating multiple channel strategy to interact with customers and you will be surprised there is no one way to do it. Because the biggest advantage of digital interactions is giving customers multiple options for connecting with business, by mobile, on social media, via email, chat and text messages.
Engaging customer digitally is important but is it enough?
Digital interactions are often viewed as a way to engage customers. But what if organizations thought of digital interactions as a way to benefit their business and help them leverage insights locked in the interactions. This can help insurance carriers move away from “one-size-fits-all” approach when it comes to designing products and turn to customer-centric insurance products.
Conclusion
Digital transformation in insurance industry is no longer nice-to-have- it’s a business priority and a source of competitive advantage that enables to drive business results through better customer experiences. Legacy driven insurance companies are struggling to keep up with the digital demands. Embracing digital technology can ensure insurance companies meet customer expectations of both today and tomorrows and maximize ROI. The use of big data, predictive analytics and artificial intelligence can go a long way in helping insurance companies from unlocking hidden value in their data and elevating customer experience to personalizing message across multiple channels.
