In an era where technological advancements are at the forefront of transforming every aspect of our lives, the insurance industry stands no exception. As technology continues to reshape the way insurers operate and interact with their customers, it’s crucial to delve into the insights and innovations driving this evolution. Here are a few areas that I’m following:
Prioritizing Customer Experience:
How many of us compare our insurance experience to the one of Amazon? As insurers navigate the complexities of today’s market, the need for personalized experiences tailored to meet customer expectations has become more evident. The big question is – Are you investing in Customer Experience at ALL levels of the insurance value chain?
Evolving Industry Dynamics:
The industry is changing when we look at both micro and macro trends. Important themes around the aging workforce and how might we re-look retention becomes an important theme to pay attention. There is the emergence of holistic partner ecosystems that insurers are craving and can become a strategic pivot towards collaborative models that foster innovation and value creation. I was at the LIC conference last week and I had a CEO approach me wanting a solution that encompasses many various components. How might we partner smart and well to solve real problems holistically? In my lens, leveraging collective expertise and resources, insurers can drive innovation, unlock new opportunities, and gain a sustainable competitive edge in the market.
Addressing Pain Points:
Legacy systems and manual processes continue to pose significant challenges for insurers, hindering efficiency and impeding customer satisfaction. How might we continue to modernize the platforms while seamlessly integrating with legacy to streamline operations and drive tangible improvements across the board? In the Third-Party Administration (TPA) space, there are many complexities surrounding closed blocks of policies and innovative approaches are imperative for cost optimization and strategies aimed at achieving improved outcomes.
Looking Towards the Future:
How committed are we to transform our industry? There are many ways I’ve seen insurers and/or partners innovate. I recently interviewed Vijay Pahuja on the Insurance Sync podcast where Laurel Jordan and Vijay talked about Sutherland’s labs which showcased their commitment to experience transformation. I spoke two weeks ago at the Intrapreneurs Forum and many strategies on how to innovate internally from an Entrepreneur’s lens. At my company Benekiva, our innovations come directly from the Voice of the Customer and we harvest those regularly during our client connects and our user conference. We also host workshops during key industry events to get a pulse of the industry.
As the insurance industry is undergoing a profound evolution, we must be driven by the imperatives of customer-centricity, innovation, and collaboration. It’s the only way we can win!
Inspiration for this article was drawn from a thought-provoking podcast. Listen Now!
Bobbie Shrivastav
Co-Founder, COO
