digital transformation in insurance industry
Digital transformation process — the use of technology and innovation to drastically change and improve performance or reach of enterprises — is the most discussed for Enterprises across the world. Business Executives are using the latest technology such as analytics, mobility, social media and smart implanted devices along with improving their application of traditional technologies such as ERP to change customer relationships, internal processes and value propositions. Other Business Executives, seeing how fast digital technology and innovation disrupted media every industry in the past decade, know they need to pay attention to changes in their every industry now.
Where all can you look for Digital transformation process?
digital transformation in insurance industry
The Enterprises are moving forward are at varying paces and experiencing varying levels of success. Some are changing many parts of their enterprise while others are still doing only the primary basics. Many are encountering organizational issues or other business challenges that prevent them from transforming successfully.
The best Enterprises combine digital activity with strong leadership to turn technology and innovation into transformation. This is called Digital Maturity. Enterprises differ in their digital maturity, and those that are more established outperform those that are not.
Leading digital change requires leaders to have a vision of how to transform their enterprise for a digital world. Business Executives are digitally transforming three key areas of their enterprises: customer experience, operational processes and business models. And each of these three pillars has three different factors that are changing. Some of these factors form a set of building blocks for Digital transformation process.
Currently, no enterprise in our sample has fully transformed all nine elements. Rather, Business Executives are selecting among these building blocks to move forward in the manner that they believe is right for their enterprise. Here we highlight some of the ways that Enterprises we studied are changing these following areas.
Customer Experience transformation
The three major building blocks with which Enterprises are digitally transforming customer experience are customer understanding, top-line growth and customer touch points.
Understanding your Customer
Enterprises are starting to take advantage of previous purchases of customers to gain an in-depth understanding of in-depth details and market segments. Some are exploring social media to understand what makes customers happy — and what leads to customer dissatisfaction.
Enterprises are using technology and innovation to enhance in-person marketing and conversations. For example, Enterprises are using digital such as tablet-based presentations to make sales pitches, unlike paper-based slide decks.
Insurance enterprises are introducing mobile apps to help sales and marketing engage customers in analytics-based planning.
Better understanding of customers helps businesses to transform the sales experience. Enterprises are integrating customer purchasing data to provide more personalized services and products to the customer.
Many are using concept stores as flagships for their digital selling innovations. For instance, a mortgage enterprise offers investors an integrated process combining real estate and bank services with external services — and showcases the overall process in a concept megastore.
Simplifying their processes through a digital plug-in makes life easier for customer. When a retailer automatically loads a customer’s last online shopping list into its e-commerce site. This helps organize the shopping experience, allowing customers extra time to look at all the other products. Customers can then decide whether to use home delivery or any other service with a specific pick-up time.
Customer Touch Points
Customer service can be enhanced significantly by digital initiatives and digital customer engagement. For example, a very famous bank established a Twitter account to answer client complaints and concerns quickly, helping customers avoid going physically to a branch. This digital initiative also leveraged a skilled community, allowing crowdsourcing with several employees and other customers.
Enterprises with multiple channels of communications to the customer are experiencing pressure to provide an integrated and seamless experience. Multichannel services and channels require envisioning and implementing change across customer experience journey and internal operational processes. Many enterprises now offer home shopping with the option to receive products by mail or in a store.
Digital transformation process requires strong management and leadership vision to drive change. The vision defines what parts of the enterprise you want to and have to transform. Enterprises in every industry and irrespective of location are trying and exploring with — and benefiting from — Digital transformation process. Be it in the way individuals work and collaborate, the way business processes are executed within and across organizational boundaries, or in the way a enterprise understands and serves customers, digital technology and innovation provides a wealth of opportunity.