As insurance companies continue their march towards the ‘Digital’ goal post, they will need to carefully plan their digital evolution through a well-defined maturity progression. There is an ever growing list of innovations in the way digital business is getting conducted, and a spate of new technologies enabling them. Keeping pace with every single disruption is not an option, however to identify and prioritize the adoption curve is what companies will need to focus on from now on.
Clearly some of the sweeping changes that are happening in the business are:
1. Collaboration has become a key requirement and enabling this through the right channel, right person and right credentials is what is being closely monitored. The physical boundaries are blurring and software solutions are providing a core competitive differentiation in this digital world. Context sensitive experience and personalization is everywhere and that is really shaping the business models in the years to come.
2. It is no more about the policy holder services, the world has transcended to digital relationships. The policy holder is empowered to get serviced in a variety of ways based on the location and convenience. So it is no more about being able to make a transaction but to deliver an experience that builds loyalty and affinity towards the brand’s products and services
3. Cloud is no more up there floating, people have seriously started using it and the proof of the pudding lies in the ways leading product vendors are releasing the cloud deployment of their core administration platforms.
4. The notion of Business Intelligence has paved way to Advanced Analytics and companies have really bought in to the value insights into their data, can provide. Also with advancement of analytics technologies and paradigm shifts like Semantic Processing, Natural Language Processing and Machine Learning, the expectation is that throwing a question to the analytics solution will come back with an answer that they can start acting on.
So what is required to ensure that you take full advantage of the digital touchpoints interspersed all around your customer? How can you nurture the digital relationships that now you have established with your customers?
The key is to plan a clear progression of how you are going to collect data from these touchpoints, analyse data, derive deep insights from these interactions and more importantly action them through right channel.
About the Author
Umesh Chandorkar Head – Insurance Practice