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Achieving the vision of digital insurance
The insurance landscape has undergone a major shift considering the COVID-19 situation, and this industry is one of the most competitive industries that has been facing quite a few challenges. Growing market demands and changing customer expectations combined with ‘disruptive’ digital transformation is forcing insurance enterprises to think outside the box and derive solutions to stay ahead of the game.
In a survey done back in 2016, the leading research firm discovered that 47% of insurance customers stated to have had a positive customer experience, but the report also stated that only 34% of Gen Y customers stated the same.
Digital media platforms and channels that customers use frequently for information and research
Telematics and connected devices play a major role in personalised products & discounts on premiums
Advanced & Predictive analysis help gain insights into customers
Innovation, access from anywhere anytime and easy share of information
Voice calls/chat, Video calls/chat, AR, and wearable experiences, along with regular mobile & web applications is the way forward.
Leading companies are using data and analytics not only to improve their core operations but to launch entirely new business models. Some of the aspects that insurers need to focus on to ensure better business is achieved are:
● Technological leadership and innovation.
● Customer ownership
● Efficiency [save cost] and effectiveness [higher ROI]
● Speed & business agility