The Shape of Things to Come From Legacy to Digitimacy
Insurance
Discover great opportunities and innovative solutions to add value to the customer experience in the insurance industry.
Opportunities
Digital transformation is about strategy, culture and talent development. It is about employees with digital mindsets, who are rethinking business models while being agile and fast.
There is a need for developing Technology/Digital Savvy and data literate talents who can:
- enable innovation
- better analyze and visualize customers’ data, needs and behaviors
- integrate Big Data into the decision making processes
- develop new products that can better meet customers’ expectations
Insurance companies need to:
- add more value to their customers through enhanced communication and personalized products/services. While one of the most prevalent obstacles in the insurance industry was the reluctance of the customers to share personal data, now with the COVID-19, this is changing as customers are willing to share personal data for the sake of enhancing their customer experience
- work on the key principles which fortify customer relationships: integrity, resolution, expectations, time and effort, personalization and empathy
There is also need:
- for operational enhancement projects
- to modernize the internal legacy IT systems
- to digitize the exchange daily operations of data
- to forecast and identify the customers who will be mostly affected by the fragile economy
- to recognize the correlation between the operational improvement, the digital enablement and the customer experience
Source: COVID-19: Customer and Digitization in Insurance, KPMG, 2020
