Anticipating tendencys should not be complex if we have the precise knowledge and the right technological partner to guide and accompany us in the leap towards transformation.
Without digital transformation, there is no guaranteed future. Those organizations that have understood the importance of this fact have assumed, since 2020, to accelerate the path towards this goal, in such a way that what was envisioned as a gradual transition to three years, is now a goal to be met in 2021.
The insurance sector, like others within the financial world that handle high volumes of data and processes with the client, could be overwhelmed in the course of the digital and cultural transformation of the organization.
Having a clear map of what needs to be done and having a robust and experienced technology partner are vital to achieving a smooth and smart digital transformation.
Among all the trends, a group of specialists led by Adolfo Ramírez, a former director of Banco Santander and Banesto and an expert in digital transformation, identified 7 specific challenges that will take center stage in the insurance sector in the coming months:
Generating value through data: Insurers have a flood of data. The data is there to be used! The first goal should be to use little data effectively. Using that information strategically will depend on the purpose pursued: personalizing the offer, improving the experience, customer retention, etc.
Therefore, insurers must place the data as a strategic asset of the company. If the data culture is implemented, the organization will improve its relationship with the customer, add value to its solutions and make decisions based on this information.
Continue making progress in improving the customer experience: Better observe the customer –from prospecting to termination– to determine what they really want, is a process in which technology intervenes decisively to facilitate and retain loyalty. New methodologies and technologies will help towards personalization of relationships, omnichannel offerings, the design of new products and innovative business models, such as pay-per-use.
Orchestrate and / or participate in ecosystems: It is to enter collaborative models. The insured wants comprehensive solutions and that is where the ecosystem is generated. In some ecosystems you can be a leader, in others a partner and in others provide a service or product. It will be necessary to decide the strategy and the alliances seeing the ecosystem from the integral need of the client.
Cooperate with Insurtech: It must be understood that this new way of offering and consuming financial products, after the disruption, has come to stay. Leaving aside the fears and limitations of the traditional insurance sector, these external technological experts should be seen as tools that integrate solutions to a certain area or specific problem, accelerating innovation.
Omnichannel: The insurance sector is perhaps the one with the most points of contact with the client: offices, agents, brokers, websites, social networks, PCs, tablets, mobiles. Generating the great experience that we all pursue requires integrating data and processes that provide the maximum comprehensive vision of the client. If the customer can switch from one channel to another according to their preference without noticing the difference, then we are talking about a homogeneous and cross-selling experience.
Margin management: Let’s not lose sight of the importance of profitability of operations and guaranteeing investments. Integrating digital pay-per-use solutions or rate customization, in addition to improving the customer experience, contributes to profitability and therefore margin management. Is time spent improving the customer experience or worthless internal management? If a process does not have an end, it will have to be eliminated and automate only those that are relevant.
Accelerate digital and cultural transformation: The customer has changed their loyalty for convenience. It is not about investing in a messy way in some technologies or implementing miracle methodologies without a strategy. Collaborating with a technology partner is a proven way to move faster in transforming the value offering to customers.
Insurers that look to the present and future are seeking to create an experience that meets customer expectations. A customer that is already omnichannel, digital, immediate and less and less loyal to the brand.
Technology is the tool that allows insurers to change and contact their client beyond the moment of renewal of the policy or to collect the part of a claim.
At TELNORM we have products and services that help mitigate these problems and accelerate the adoption of new ways of working. We are prepared to help you integrate technological solutions and value-added services in the areas of communications, omnichannel, the work of the Agent and the Service Executive, as well as for Back Office or Office, that boost your insurer.