Deliver the experience brokers and customers expect through digital

Changing customer expectations are causing disruption in nearly every industry; the insurance industry being no exception. The rapid pace of change, combined with the regulated nature of the insurance industry, is causing both perceived and real tension between insurers, brokers, clients and potential customers.  Many consumers today expect every acquisition experience, including insurance, to be as seamless as the experience they have with Amazon, regardless of the complexity of product being purchased.

To meet these evolving expectations and to deliver a great customer experience requires a wide variety of digital capabilities. Whether your customer is the policyholder or the distributor, digital customer strategies rely on technology, data and process changes, and, for many insurers, organizational or cultural changes.  To successfully navigate in today’s environment requires a digital transformation vision.  This vision must fully embrace the challenges and opportunities of digital technologies in both a strategic and systemically prioritized way.  This can leave many insurers wondering “how do I get started?”

The best way to get started is to make sure you have a clear understanding of the following:

  • What are the fundamental challenges facing the insurance industry today?
  • What is causing digital disruption?
  • What are the trends that are setting the stage?

The insurance landscape is constantly changing.  According to the analyst firm, Celent, there are six drivers of change that are having a significant impact on traditional insurance models, causing challenges for insurers:

  • Insurers do not fulfill customer expectations sufficiently
  • Insurers are in danger of missing out on technology advancement – failing to gain significant leverage for process optimization as well as potential threats by new competition
  • Insurers are currently not a relevant part of the customers’ digital world
  • Demographic change is not a problem of the future – it is already today’s reality
  • New regulations endanger traditional distribution models – increased process scrutiny, cost efficiency and changes in channel mix are expected
  • Continued cost pressure due to the low-interest-rate environment

The digital-first environment of today’s world impacts every aspect of consumers’ lives.  The use of technology in our day to day lives has exploded. We live in a world where digital has become mainstream.  The use of social media has not only transformed our personal lives, it has transformed the perception of the brand, as well:

The move to mobile continues to be one of the biggest trends impacting companies, with mobile devices, represent an ever-increasing percentage of interactions with the digital world. 80% of the top websites accessed through Alexa feature adaptive design.  Brokers and customers expect access to all their data, regardless of the device and they expect access at any time of day. In a world where the expectation is instant gratification, developing and deploying a digital transformation strategy and roadmap is not an option, it will be a requirement to remain relevant.

The insurance industry realizes the importance of customer engagement and is leveraging digital technology to deliver brokers and customers the experience they expect in today’s digital world.  Symcor recently hosted a ‘Digital Disruption meets Customer Experience’ webcast with Celent and SSQ Insurance.

Get access to this exclusive Webcast