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Makes insurance easier for customers

Have you ever walked into a store and the automatic door did not work? Or have you ever come to an escalator that is simply stopped and you have to go up or down the escalator? It feels strange when regular automations do not work. If you are like me, you can even experience the disoriented, unpleasant feeling when your mind thinks it is going on something that is meant to move.

Neurologists have called this & # 39; broken escalator & # 39; locomotive power and they have studied how and why the brain and body expect automations as it does. [i] Their results show that the mind learns very quickly how to adapt to new automations. Our senses are always looking for the simpler way, and when it appears, our senses adapt quickly to automation. That makes sense. After all, who does not like to save time and energy while achieving the same or better results?

Here is the short lesson for insurance companies. People are "wired" to gravitate toward ease of use. Of course, they exhibit streamlined behavior, such as making shortcuts in the grass between two sidewalks, and they quickly adopt automations that make life easier. Just look at how fast we used smartphones and how they are integrated into our lives today ̵

1; for both personal and business purposes!

If this is an unwritten "law" of human nature, how must insurers, right now, prepare for an even more automated and streamlined future with shortcuts that humans will create whether we want them or not? Can we find any answers in the fast-moving, fully connected ecosystems that already exist and are supported by a framework of innovative and compelling partnerships?

Streamlining and innovation takes place through partnerships.

Let's face it. In today's world, there is no exponential progress, but partnerships and partnerships are sometimes promoted by "necessity". COVID has given many industries a dose of necessity, but perhaps no one has been affected more than the restaurant industry. Daddy & # 39; s Chicken Shack, for example, in Old Pasadena, California, uses face recognition kiosks to provide a completely non-contact payment and service experience. [ii] Kiosks were already on the rise as a type of automation that could reduce frontline work and work for restaurants such as McDonald & # 39 ;s, which struggled to find workers. They can also improve sales and customer engagement. But the face-ID features from PopID took the kiosk from "data entry point" to "data security and non-contact payment", while making the process completely more efficient for customers while protecting them.

Automated payments and non-contact technology are the next escalators of our time. These techniques will respond to our place and automatically create the circumstances we need to achieve our goals. They will rely on effective partnerships. It takes more than one kiosk to automate a payment. In this case, it requires the face recognition technology provider (PopID), a card reading technology (Ingenico) and a payment hub provider (Datacap), plus a dozen more payment-related companies that help create an technological payment ecosystem. This is not only streamlining through partnerships but also innovation.

Streamlined partnerships depend on connections.

No process can be automated without connections. Relationship bridges must be built to achieve the goal of reducing transaction barriers and headaches for customers. This requires organizational leadership. Innovative organizations will find the obstacles, prepare their systems for accepting two-way connections and then take the initiative to use these connections to make life easier for the customer. This was emphasized in our life and car customer research last year, where customers across all generations were interested in more than just one transaction … but an experience that brought together other connections to make their lives easier.

Google, for example, is carving out a huge connected customer experience space with its commuter assistance features which is a step towards a mobility experience that we outlined in our auto customer survey. Google Maps can now connect commuters with automated parking and automated payment, bundled in their app. Ordinary commuters and city dwellers know how much inconvenient parking has become in recent years. In some ways, it was faster and easier to feed a meter with coins than to find a toll booth and find out how to use it. The payment technologies had taken us a step backwards. So Google integrated with two payment apps, Passport and ParkMobile to get automated payment for the Google Pay experience. It adds this feature to its already robust Google Maps transit automation. Google Waze is now testing non-contact fuel payment at Exxon and Shell gas stations. [iii]

Connections are made more efficient through ecosystems.

Insurance may not fit perfectly into every retail experience, but it is fully mature to fit into customers' lives. and companies in much the same way. The key for insurers is to think beyond a single transaction and be "partnership ready", which also means becoming "ecosystem ready". To keep pace with the opportunities to rationalize and the opportunities to cooperate, insurers must seize the opportunities to transform. — whether it's about mobility (far beyond car insurance) or for a combined life, health, wealth and health experience Companies that can achieve an early entry into this space have a huge opportunity to create and grow a loyal base of current and new customers.

Given the nature of ecosystems, insurers can take on several roles, from owner of the unifying platform, to orchestra of the products and services, or the supplier of products and services. What they achieve depends on their ability to enter the market while there is still an unfilled "white space". Of course, this requires leadership with an appetite for taking informed risk, the ability to move quickly, the ability to build partnerships within and outside insurance, and strong technology capabilities.

Focusing on building partnerships and technology features, insurance companies need next-generation solutions that are cloud-built, digital first and ecosystem-ready by breaking down software into thousands of consumer APIs, offering ready-made insurance apps and a network of plug-and-play third-party services and apps. Majesco saw this need early on and created a next-generation platform that helps insurers create unique value in a rapidly changing market landscape.

In my blog last year on ecosystems and commitment, we identified three key ecosystems that every insurer must consider. when they look at the future of insurance: The mobility ecosystem the lifestyle ecosystem and the financial ecosystem — and more are popping up all the time . Insurance already affects life for so many moments of the day, but how should insurers view their future capabilities in light of their fit into these important ecosystems? Where can they place new products that fit seamlessly into these lifestyles and how can they develop and maintain a framework that enables rapid responses to customer trends? Preparations for connection meet two insurer responsibilities:

  • Necessary growth for the future
  • The ability to smoothly handle unplanned events such as COVID, catastrophic weather events and the surprising risks of supplying the supply line. as they prepare for each connection they create makes the organization a little more resilient. Channels will grow organically. Products will be launched with less delay. Customers will be served in automated ways that suit them, with relevance and accuracy. Learning, through greater data exchange, will provide improved experiences of injury-related risk.

    Majesco places ecosystem tools in the hands of insurers to create the connections that enable partnerships.

    Masters in all industries are at a disadvantage when preparing for the future. This is not unique to insurance. Monolithic systems and processes can seem insurmountable against the backdrop of startups and InsurTechs that can be quickly adapted and fit into modern automations and streamlined networks. Many of them are built to fit anywhere. They find their success in networking.

    The status quo of the insurance industry is rapidly deteriorating and being redefined with a growing number of influences, and there will be decades of business assumptions. During the new decade, there are new insurance opportunities for those who use the next generation of platforms, participate in a broader ecosystem and the growing insurable opportunities.

    Insurers, who have been slow to see the true value of data in the value chain, are coming slowly. to understand that every customer experience contains data. (Read more in my blog, Underwriting in 3D: Using Data to Adapt and Improve Life Insurance Sales.) Data's value for insurance companies is closely linked to an ecosystem-activated growth model. However, computer ecosystems have their own obstacles, such as already established (anchored) players, a point recently made by McKinsey.

    “If the market already has a large, established player, companies may find it difficult to place a position. To choose the right partner, managers must find the value they can offer and then choose employees who complement and support their strategic ambitions. " [iv]

    Viewed in the right light, this is more an opportunity for innovation than an obstacle, especially in the insurance industry, where large, established players and 'younger' insurance companies have played on the same markets for a long time. The insurance is large enough that there is always room for innovators with initiatives. The same article in McKinsey points out that computer ecosystems "can provide a golden opportunity" for traditional incumbents in their efforts to ward off competition from agile startups. People are connected to use automation and streamline experiences. How can we further automate payments? How can we automatically start providing insurance when people walk or drive or fly into situations where they need insurance? Streamlining and innovation are made possible through partnerships. Partnerships are made possible by ecosystem-ready insurance processes. Majesco completes the cycle for insurers by making them ecosystem-ready and ecosystem-savvy. Insurance preparations for the future begin with a partner who is already connected.

    At Majesco, we have designed and constructed platforms, such as Majesco CloudInsurer® Core Insurance Solutions and Majesco Digital1 pc ® Insurance that supports ecosystem participation. Whether your organization wants to provide insurance coverage to commuters, establish new products that use data to quickly place business while reducing risk, or just get ready for the future, Majesco is ready to redefine your customer experiences and expand your digital preparedness. [19659028] Bunday KL, Reynolds RF, Kaski D, Rao M, Salman S, Bronstein AM, The effect of trial numbers on the emergence of the "broken escalator" lid effect, National Institutes of Health, 2006

    [ii] Stiltner, Mark, 3 trends that show the future of retail are contactless payments, October 2020, Raypd.net

    [iii] Umar, Ismail, Google Maps and Waze enable users to pay for parking and petrol, Tearsheet.com, April 26, 2021

    [iv] Abdulla, Ahmed, Janiszewska-Kiewra, Ewa and Podlesny, Jannik, Data Ecosystems Made Simple, McKinsey, March 8, 2021.

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