Author: Charles Berry
The insurance industry is powered by vast and growing volumes of data and stands to benefit from eliminating the manual processes and workflows that other industries have already replaced. While the largest insurers can easily afford the new technologies and digital transformations necessary to stay competitive, smaller and mid-size organizations are struggling. If they don’t finish the task of transitioning away from paper-based, manual processes they risk falling behind and losing money.
Our whitepaper, Digital Transformation in the Insurance Industry: Are You There?, covers the challenges facing insurance companies, MGAs and brokers as they introduce new technologies and the risks they take by not adopting those technologies.
In order to set the standard for customer expectations of personalization and user experience, internet giants like Google and Amazon have collected huge amounts of data. To gain a competitive advantage, the insurance industry must follow suit. Customers expect seamless service and rapid responses from brokers therefore MGAs must ensure their technology can support them.
One of the biggest challenges to staying competitive is how rapidly technology is changing. Artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) are increasingly ubiquitous, but many insurance companies aren’t sure how to start incorporating those technologies into their business. Another challenge is what Deloitte dubbed “process fragmentation,” or the collection of siloed legacy systems for different departments, lines of business and functions. These legacy systems are often unable to communicate with each other which creates additional manual intervention and workload.
MGAs, insurance brokers and insurance companies who are not able to overcome these challenges will lose customers to companies that have adopted modern means of interaction. An effective customer experience strategy should include:
- Omni-channel communications
- Self-service capabilities
- Timely and accurate resolution
- Holistic customer view
For a detailed discussion of the unique challenges and benefits of digital transformation in the insurance industry, download our whitepaper “Digital Transformation in the Insurance Industry: Are You There?”.