In recent years, Insurers have sought to digitalize their processes and improve their customer experience, making it more seamless and tailored to the needs of today’s digital consumers. Many large incumbents have partnered with Insurtechs and invested in technology platforms to digitalize their selling or claims management process, establish virtual payment options, or improve their websites’ usability with chatbots.
While digitalizing parts of the customer journey was a great initial step, it did not address the industry’s core problem. That is, adopting a truly digital-first mindset, rather than offering unchanged products with an online quote and bind journey and putting band-aid solutions on outdated business models. So what does a digital-first mindset look like? Listen to Innoveo’s on-demand webinar to learn more.
Innoveo & Forrester presents: Breaking Down Insurance Silos to Deliver Enhanced Customer Experiences. Is no-code the solution?
Innoveo’s Global Head of Sales, Manisha Bhargava, leads this dynamic insurtech webinar with a thought-provoking panel about the barriers preventing insurers from truly delivering a digital, customer-first experience, potential solutions, and what the insurers of the future will look like.
The participants argued that the ability to acquire and use data is crucial for insurers, so they can offer relevant products for individual policyholders and their households based on their ongoing life events.
From a technology perspective, it implies the question of how can incumbents implement systems that are faster and easier to pull data out. In recent years, the appetite for data and analytics has grown remarkably within the industry. “I took a look back at the inquiries that we received back in 2014 [at Forrester], and only 7% of inquiries had a question that had to do with data and analytics. In 2020, it was 38%”, added Ellen Carney.
When it comes to organizational silos, Wade Milward found that large, established organizations often lack cross-communication and collaboration between their various departments from Sales to Underwriting or Claims Management. These broken feedback loops stand in the way of innovation and can only be remedied by proper change management.
Due to COVID-19 and the temporary cessation of face-to-face interactions, many incumbents accelerated their digitalization efforts, so they can be more productive and efficient. However, automating transactions and digitalizing parts of their customer acquisition routes facilitated little innovation in the area of service-level APIs and actual customer experiences.
But who are the customers, really, and who has the most intel on the end-customers needs? Should we consider brokers and MGA’s a customer of large insurance carriers? Listen to the webinar on Youtube to find out!
Insurtech Webinar Featured Panelists:
- Manisha Bhargava, Global Head of Sales at Innoveo
- Ellen Carney, Lead Analyst, Forrester
- Julie Zimmer, Head of Insurance, Flexport
- Wade Millward, Founder, Rikor.io
Barbara Péterfi, Content Marketing Manager at Innoveo