12 July 2021
Digital transformation has been accelerating across industries over the past few years, and especially since the COVID-19 era. Despite this, the insurance sector has traditionally found digitisation challenging. Mostly because the industry uses manual processes, difficult-to-digitise workflows and has to follow strict government regulations. Enter InsurTech.
Inspired by the term 'fintech' (financial technology), InsurTech is about leveraging technological innovations to streamline insurance industry models, and it's really come to the fruition during this time of great uncertainty. In fact, it's seen significant growth over 2020, with a rise in the uptake of InsurTech in the insurance sector. Many businesses are beginning to leverage data and digital technologies - it may even be the start of a major evolution of the insurance industry.
A key step along the digital transformation path is that of customer engagement. Insurance companies are asking themselves, “How do we keep pace with the customers’ expectations on how we’re going to engage?” Communication within the industry has historically been face-to-face, meaning many insurance organisations aren’t equipped to digitally engage with their customers, while their business processes are linear and people-centric; there hasn’t been a great deal of automation.
The customer experience is becoming increasingly critical for an insurance business to differentiate from its competitors. Customers want to handle policy quotes, bill payments, and communication fast — and that means automation and digitisation. According to Mckinsey, customer-centric digital transformation initiatives can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%.
It's with that in mind that we've developed a new eBook: Rising to the challenge of digital transformation. It looks at why the creation of a smooth digital customer experience can differentiate your insurance business in the marketplace, and why InsurTech is leading digital transformation in the insurance industry.
The eBook covers five key areas:
Leveraging the kind of technology that an InsurTech approach can provide will ensure your insurance company stays on the digital curve. Not only that, but you'll be providing your customers with the kind of digital experience that will significantly differentiate you in today's uniquely challenged market.
Our eBook will help you focus on how to keep pace with your customers' changing expectations on how you're going to engage with them, so that your business stands out in the industry
DOWNLOAD THE EBOOK