KPMG, BCG, Insurtech London, Hanover Insurance, 360Globalnet and over 70 senior Insurance Executives highlight the priorities for insurers on the "Digital Claims Journey".
Held just before the publication of General Insurance - Digital Research 2018 - Digital Ranking by Altus Consulting the event left insurers with much to ponder and even more the urgency to take action.
Simon Yun-Farmbrough Exec. Vice Chairman 360Globalnet opened the conference with a motivating 2017 quote from McKinsey “A typical large auto insurer could more than double profitability over 5 years by harnessing the power of digital” .
Following Simon, John O'Roarke Aviva Non-Exec Director explained "Technology has altered expectations for customer service churning greater demand for digital engagement from insurers.... A key barrier is Legacy Systems.."
Digitising the claims process needs "laser focus on the customer with technology the enabler" Paul Stanley CEO 360Globalnet
Stephanie Behnke VP Claims Strategy at Hanover Insurance- "Customers want quick, seamless interactions and a path to resolution" Behnke went on to say "As insurance carriers we know what clients want - empathy, to communicate with us whenever and however (they want). And when something happens they want to tell their story".
Matthew Smith of KPMG answered an insurer's question Am I miles behind? "No!- most insurers have not solved the challenge at scale. They have tinkered at the edges".
Smith advised insurers to "Ensure technology is owned by the business" which must "wrest back control. Insurers must collapse costs, collapse time to settlement" and "delight customers" in the same way Amazon does.
Robin Merttens co-founder and partner of Insurtech London urged insurers "To up their game". Merttens highlighted barriers to success; "lack of investment, hidden and inefficient data.... If you don't meet customer expectations someone else will...that just leaves risk transfer for insurers. He urged insurers to "invest NOW!"
Paul Clarke Partner & Managing Director Boston Consulting Group spoke of the importance of Conviction and Culture. "Insurance companies are typically slower at delivering change owing to cost and heavy management structures". That is where culture must change from bottom to top. Clarke explained why the right culture is "Essential for Big Transformation. What got you here today won't get you there tomorrow."
Simon Yun-Farmbrough closed the conference with the challenge to "Delight Customers and Collapse Costs" by successfully completing the digital journey and transforming the insurance business.
References
“Time for Insurers to face Digital Reality”. https://www.mckinsey.com/industries/financial-services/our-insights/time-for-insurance-companies-to-face-digital-reality
“Capturing Value from the Core” ;https://www.mckinsey.com/industries/financial-services/our-insights/capturing-value-from-the-core
The P&C customer rediscovered through analytics; https://www.bain.com/insights/the-p-and-c-customer-rediscovered-through-analytics
Digital Disruption in Insurance: Cutting through the noise ; https://www.mckinsey.com/industries/financial-services/our-insights/digital-insurance
How a Digital Approach is improving customer satisfaction at a major insurer ; https://www.bcg.com/en-gb/industries/insurance/digital/bcg-digital-approach-improving-customer-satisfaction-productivity.aspx
Attacking complexity in Insurance Products and Processes; https://www.bcg.com/en-gb/industries/insurance/attacking-complexity-in-insurance-products-and-processes.aspx
TO GET THE MOST FROM DIGITAL YOU NEED TO CHANGE THE WAY YOU RUN YOUR BUSINESS
The majority (94%) of policyholders would go digital if this was offered but current insurance apps only experience a 28% uptake Digitalising the claims process needs “laser focus on the customer with technology as the enabler.” This was the message of 360Globalnet’s chief executive Paul Stanley at the insurtech’s conference ‘The Digital Claims Journey’ in mid-November at the Shard’s Shangri-La Hotel, but he was hopeful about the insurance landscape. Technology has altered expectations for customer service, churning up greater demand for digital engagement from insurers, John O’Roarke Aviva’s non-executive director pointed out. However, “rather than react or be disrupted by change, we need to future-proof and invest to transform the claims process,” Stanley added.
unknownx500
