By Prashant’s Tripathy
It is undeniable that the pandemic has been a real catalyst for transformation in all senses: economic, societal and personal. Despite all the uncertainties this posed, it is already clear that the future is digital. The scale and speed of digital transformation seen globally has proven that digital travel is not a destination, but an evolution. There are two questions businesses should always ask themselves: Are customers demanding more from the business? How can you unlock higher
value with a more digitally agile operating model?
The insurance industry is growing at a steady pace, accelerated by an increase in awareness and resulting demand. But this growth is also fueled by significant investments in delivering end-to-end digital customer experiences, flexible products, and most importantly, radical customer obsession has permeated every process.
Data drives innovation
The evolution of experience stems from the intelligent use of information and data analytics to inform decision-making. Access to data can help businesses reach their customers more efficiently. The use of enhanced analytical skills and artificial intelligence (AI) -based customer modeling can be developed and deployed at different stages of the customer’s life. It can help to gain a thorough understanding of the pulse of clients. An example of this is using data analysis with an existing customer database to create predefined characters with less documentation. Queries on types of life insurance policies, personal details, work experience, and past life insurance experience can help develop solid ground for innovating and rethinking policy approaches.
Digitally harness the power of flexibility
Insurance often faces the argument that there is relatively less scope for customization compared to other products. Customers buy their insurance, often through an agent or broker, as the products are very similar to each other. Instead of a single strategy, insurers should use the digital insurance process to deliver personalized insurance solutions. I think we’ve changed the conversation with today’s client from a ‘why insure’ mindset to a ‘what assurance’ mindset, and you need to answer the question with solutions. all-in-one lifestyle on demand, personalized based on telematics usage that offers relevant and flexible offers.
Especially attentive to the organic needs of millennial customers for whom personalized offers are an absolute demand, insurers will have to become digital adepts and offer solutions adapted to their specific life stages and their savings and savings requests. protection. Another great way to ensure that the right consumer need is met with the right solution is to bring creative startups into areas of the game that can help co-innovation.
Invest in a more efficient service
Consumers today are quick to change their brand loyalty if a business isn’t anticipating or actively responding to their needs. The value at stake is important. The fundamental challenge many businesses face is getting the organization moving and moving forward quickly to ensure proactive improvements in reshaping customer journeys. Agility can be the key, and now each lever must be perfectly in place to deploy improvements, plan series of continuous improvements, always seeking greater efficiency and speed.
At the end of the day, remember that every customer interaction is a way to keep your promise. See your customer experience as a continuous journey, technology as accelerators, and transformation as a fundamental opportunity.
The author is the Managing Director and CEO, Max Life Insurance