One lesson that the pandemic granted us in kind was about how prepared we need to be to face unprecedented times like these. Human interactions are now happening mostly in the digital medium – it is the new normal – be it catching up with friends and family, celebrating personal events, meeting clients, strategizing for the next big launch or resolving customer issues. Be it personal or professional commitments; digital technologies have come to our aid like never before.
Having said that, it is vital to know the report card of the insurance industry’s readiness and preparedness to embrace digitalization – luckily, the industry has been at the forefront of adopting newer technologies to resolve complex issues and to make their services more relevant, effective and streamlined. While, in the pre-Covid time, the insurance industry had already started adopting new-age digital tools and techniques, post-Covid, most business entities from the industry have geared up to implement digitalization as a necessary element in their growth and survival strategies. In other words, the time is just right for the global insurance industry to go digital, like never before.
Possible benefits that digitalization can bring about in the insurance industry
- Automation of all core processes of the business.
- Faster turnaround time, be it customer handling or accessing the market.
- Faster and accurate decision-making with access to big data.
- Simultaneous enhancement of sales volumes and earning opportunities.
- Showcasing products and solutions better and effectively.
- Reduced costs as manual errors get erased with automation.
- Agile operations help improve performance drastically.
- Faster processing of claims and enhanced underwriting capabilities.
Will the digital transformation be an easy step for the insurance industry?
The big question is – will it be easy to move from legacy systems and conventional workflow to a new scalable and flexible module with digital means. The answer is to strategize well and involve an experienced IT partner to bring in the change. These are the main drivers of a digital transformation for the industry:
- Involve the main stakeholders, the employees, in embracing the change. Offer training using learning management systems to prepare them,
- Adopt cutting-edge solutions that are easy to use, both for internal stakeholders and external stakeholders – in this case, customers.
- Leverage the full power of Big Data with high-tech analytical tools for better insights.
- Ensure that UX (user experience) is seamless and uncomplicated, offering customers a better shopping and researching experience.
- It is essential to implement digital solutions that are fullproof and failsafe at all costs, secured from all kinds of online risks and cybercrime instances. Data privacy laws need to be kept in mind and compliance has to be ensured.
- Offer personalized experiences to customers because customization is the minimum that customers expect today from service industries, including insurance and banking. Towards this end, it is the presence of personalized dashboards that help elevate customer journeys phenomenally.
- Finally, the digital solutions used need to be robust and powerful with a power-driven IT ecosystem and architecture to support complex, Omnichannel, and varied functionalities.
Digital transformation is slowly becoming a necessity for all industries, and insurance is no different. Business entities require a strong strategy and a focus-oriented IT partner like iBoss that help optimize the digital transformation of insurance procedures, processes, and systems.