By Chris Barbour
The Digital Future of Insurance: Using Data to Drive Enhanced Customer Journeys
2018 is the year for insurance organisations to adopt a digital-first mindset. PwC’s Insurance Top Issues Annual Report has highlighted the need for insurers to understand the end-to-end customer experience, enhance their existing services and become a digital and data-driven organisation.
Insurers have adopted an ad-hoc approach to deploying new technologies in an attempt to keep up with ever-evolving customer expectations. Subsequently, insurers suffer from fragmented digital estates and siloed databases, leading to a lack of consistency and disjointed customer engagement. The PwC Report outlines the need to design and implement digital platforms that can handle this potential disruption to service, not only innovating current internal processes and core capabilities, but moving towards digital differentiation, effective use of data and valuable analytics, continual innovation and strategic partnering with InsurTech companies.
A true digital transformation is required if insurance companies intend to keep up with, and outperform, their competitors in the sector. The key factors to this are digitalisation and utilising data effectively. Insurers should not use a bottom-up approach, only investing in select digital capabilities that support their existing business model, and instead focus on improving the value chain as a whole.
By taking a top-down approach and implementing a joined up, digitally-focused approach which looks at the customer journey end-to-end, insurers can increase growth and reduce costs, becoming a digital, data-driven organisation. At Content Guru, we help insurance organisations to achieve these goals by bringing all customer touchpoints together on the storm® platform, giving insurers complete visibility of the entire customer journey. storm integrates into any third-party system or application, bringing together all siloed data and creating a completely unified estate, allowing organisations to get the best possible use out of their data, enhancing analytics and giving customers an informed, consistent service.
If you would like to hear more about our recommendations based on the PwC Report, or would like to contact me about how storm can help your organisation, please feel free to contact me by email at email@example.com, or by calling 01344 852350.