Customer expectations have changed. It’s the natural course of life. Circumstances change, technologies develop and consumers expect suppliers to keep up with the latest industry trends or they simply jump ship. Insurance providers are aware of this and must adapt to meet evolving consumer expectations and industry changes. Fortunately, with change comes opportunity. But what are the most pressing issues? Where do the biggest opportunities lie? How can disruptive technologies and innovation turn obstacles into solutions that deliver real value?
In Insurance, there are challenges that are not only felt in the customer-facing front-end but also in IT infrastructure, back-office platforms, the product suite, delivery methodologies, sales & marketing…all of these must be reconsidered in a company-wide re-assessment of digital sophistication.
Incumbent insurers are hindered by resource-heavy, back-end operations, disadvantaged by 5-year NPV margin erosion and disheartened by lack of customer loyalty. A full-stack digital transformation presents the opportunity to pivot and gain back ebbing market share.
The truth is, customers have grown tired of the price increases and disjointed communication that is commonplace in today's market. Customers need to be dazzled, delighted and rewarded for insurers to have a chance at competing in this battleground, and new technologies are doing just that.
Tailor-made product models are letting customers choose what they want covered, when they need it, and for how much at a per item level. Wearables are supplementing everyday mobile technology to leverage a data-rich experience of mutual benefit. Restrictive call centre communications are being replaced by conversational tech, and automation is streamlining back end processes, improving accuracy and resolving claims at break-neck speed. A new paradigm of what insurance should look like is upon us.
Read more in our free Innovation In Insurance Ebook.
At Waracle, we partner with industry leading organisations to provide digital technology solutions that make customers' lives better. Find out more at www.waracle.com or get in touch with our team of digital experts today.