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Priorities for digital insurance Majesco

Increasing knowledge in digital will help insurers to engage and compete.

Satisfaction (at least according to the Rolling Stones) is a bit elusive. It is not always easy to find satisfaction in customer experiences because goals and experiences change.

Watch video games. Activision, a video game producer, has been creating games since the late 1970s. The character of the video game is not like it was when Activision produced the popular game Pitfall in 1982. Pitfall, in all its pixelated glory, was revolutionary. With a joystick, you can run across the screen to another screen, jump, catch treasure and avoid the pits. It was true excitement. But from today's point of view, it looks dated and exciting. This year, Activision released updated versions of Crash Bandicoot and Spyro the Dragon. These are immersive gaming experiences that have their roots in Pitfall, but they are so engaging that very few players would ever miss the original. What makes them so immersive is the ability to see so much more ̵

1; especially if you play with a VR headset.

Even outside of video games, digital immersion and engagement are challenging obstacles for many organizations, as customers are completely related to the Rolling Stones verse "I Can't Get Satisfaction!"

Just yesterday, JD Power announced the results of a survey pointing to digital engagement issues as a massive change in customers who have moved to digital occurred in the last 15 months due to the COVID pandemic.

"The real challenge for insurance companies is to push the envelope for digital innovation," said Tom Super, head of real estate and non-life insurance information at J.D. Power. “Customers' pace of expected change is accelerating and insurers must be able to take steps to go beyond the basics of simply digitizing customer data. Those who can make this jump are ready to differentiate themselves from the packaging. "[i]

Customers are always looking for a better experience and in insurance, experiences can be created and managed with digital tools and digital knowledge, but insurers must go beyond the basics and traditional" portal-like "approaches. Most industries need this skill to get to know and understand the customer's world. They need the ability to 'look around' and see the effects of potential scenarios. They need data to anticipate possible needs. They need to go from transactions to experiences. They need a 360 ° view of customers, business and market landscape – like having a VR headset to immerse yourself in the customer's world.

In Majesco's latest thought-leadership report, Digital Insurance: The Inflection Point – which covers insurer surveys from 10 months into the pandemic – we analyze this commitment and explores what it takes to provide digital experiences that enable them to compete in a world where customer satisfaction counting is a constantly moving target.

Digital Insurance Models – Where Rising Value Meets Expanded Expectations

We are at the beginning of the redefinition and value-creating revolution for insurance, especially with the growing ecosystems that provide new data sources, innovative features and interesting services, all creating a multiplier effect. The result is an irreversible change in the risk markets, the insurance value chain, the definition of a product, channels and so much more.

Today's change demands that insurers get clarity on how to succeed in the future of insurance, which comes faster than most people realize. Insurers must lay the foundations for a new digital insurance business model that includes customer, technology and market change with vision, energy and speed. In a KPMG-sponsored study by Forrester, they found that digital initiatives are at the core of organizational priorities to meet their customer experience improvement, sales growth and cost reduction goals, as reflected in Figure 1.

Figure 1: Digital initiatives at the core of organizational priorities

But building these digital functions must be done with both a different approach and a different technology. The next generation of customer experiences that engage and encourage customers must have a holistic view, rather than a transactional view . Significantly changing customer risk needs and expectations of commitment force the insurance industry to move away from previous methods and new platform-based technologies and business models that will take them into the future.

The heart of the insurance platform is an orchestration of next-generation technologies, including cloud computing, microservices, APIs, new data sources and artificial intelligence and machine learning, along with an ecosystem of partners providing innovative or complementary products and services. With this unified combination of components, insurers can switch from being & # 39; & # 39; owner of complex core systems & # 39; & # 39; to become & # 39; & # 39; owners of greater technical agility and flexibility, digital flow, innovation and speed to value & # 39; & # 39; required at today's pace of change. [19659003] Implementing digital transformation begins with customer-centered with an external approach that provides the opportunities that provide the great experience that customers increasingly expect.

Anticipatory Engagement

Automated proposals are, for example, the wave of the future. They are supported by digital engagement, improved data management and AI and machine learning. When an iPhone offers to set up a meeting in your calendar or your Spotify calls up a whole new list of music choices that it knows you will like, they count on what you want or need.

These expectant techniques, as complex as they are, are actually quite basic compared to how cognitive, protective techniques will one day work in insurance. Intelligent assistants and suggestive chatbots will help insurers reduce costs and reduce risk throughout the value chain from warranty to claim. Digital platforms have the potential to reduce acquisition costs through a greater understanding of risks. They will keep in touch with customers and reduce the cost of communication and engagement. They will improve maintenance through better overall service (and service proposals) and digital platforms will also monitor critical areas. APIs, micro-services and an ecosystem with other digital features, such as chatbots, artificial intelligence and new data sources – all in the cloud. The ability to channel these features requires the adoption of a modern architecture that supports simple, fast integration through micro-services or APIs running in the cloud to drive speed to implementation, speed to market and speed to value on a large scale.

Visionary insurance executives see the market, customer and technology trends as a diverse opportunity – prepare to use new data sources, reach new market segments, offer innovative new products that customers need and more.

Today's realities: The insurer's digital priorities [19659010] The insurers 'digital transformation is supported by customers' requirements and expectations. In our report on strategic priorities in 2021, we found that insurers looked at a number of digital priorities. The three main focus areas, as shown in Figure 2, include:

  1. Customer Service with 31% to 61% implementing or having already implemented these features and a further 33% to 49% planning to do so.
  2. Portals for benefits or employees with 36% – 47% implemented or already implemented these opportunities with another 36% -42% plans to do so.
  3. Warranty with 33% implementing or already implementing this capability and another 48% planning to do so.

But do these implementations meet varying customer expectations? Probably not.

Self-service tools and "out of the box" portals focused on a transaction such as receivables, payments, quotes, etc., which have been "go to strategy" over the past decade, do not meet the change in customer expectations for a personal, holistic experience which is not only required … but required today. The days of "there is an app for it" are fading fast! And the proliferation of these apps or not is likely to be the cause of the dissatisfaction noted by the JD Powers report.

The combination of customer expectations and the dramatic increase in digital engagement will be a tipping point for insurers to meet today's reality. with the next generation strategy with digital insurance platforms. Digital insurance platforms are transforming this appealing approach to create more satisfying, holistic experiences for customers, channel partners and employees that we noted in our lives and auto customer survey.

This has transformed a new reality for insurance companies!

Figure 2: Insurers' level of activity to add digital features

To regain customer trust and satisfaction, insurers must now take into account all dimensions of the customer experience throughout the value chain, creating a next generation customer experience much closer "Amazon experience . " But to do so, insurers' priorities, plans and investments must be tailored to the customer rather than the internal business. As stated in the SMA report, Customer experience in action: A strategy for customer service in the digital age is about enabling the necessary digital interactions to go beyond being ordinary transactions to become extraordinary experiences. [ii]

Whole digital experiences will be able to think in front of the customer, protect individuals and companies and provide the services that will be satisfactory … improve Net Promoter Scores and build brand loyalty. To get there, however, insurers must think outside the box, think ahead and think innovatively.

In 1965, when the Rolling Stones released Satisfaction, the song was perceived as disruptive with its "negative view of commercialism, traditional culture and attack on the status quo that threatens the older generations but inspires the younger generation. The result was that the Rolling Stones achieved their first number one in the US followed by their fourth number one in the UK, but only after it was played by pirate radio stations that innovatively broadcast "rock and roll" music to a younger generation via offshore radio stations on anchored ships or marine platforms. land-based radio station leaders years later.

Just like rock and roll bands and pirate radio stations leading a new generation of music, insurance companies must lead a new generation of digital experiences in new innovative ways. Tomorrow's digital leaders must make bold moves that break the status quo and captures a new "satisfied" generation of customers, just like the Rolling Stones.

These leaders are the ones who (right now) are striving to anticipate where and how their digital brand will provide engaging experiences in the future. Are you one of these leaders?

For a deeper look at how digital insurance will revolutionize the customer experience, download Majesco's Thought Leadership Report, Digital Insurance: The Inflection Point. To get a fun and fascinating picture of the next generation of customer engagement that changes insurance with a holistic experience, be sure to watch Majesco's replay of the webinar on May 27, Customer360 – Create an enriched digital customer experience.

[i] Golia, Nathan, “Insurers Facing a Higher Bar for Digital Interactions: JD Power,” 26 May 2021

[ii] Furtado, Karen, Breading, Mark, “Customer Experience in Action: A Customer Service Strategy in the the digital age, ”Strategy meets action, April 2021

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