"The insurance sector has a longstanding reputation for being resistant to change. Who can blame those who work in this industry? Avoiding risk is in their DNA.
Surprisingly, in my experience as a Silicon Valley insurtech serial entrepreneur, this characterization may no longer be valid. Since 2010, we have partnered with insurers to add technologies to improve their businesses. In our daily conversations with carriers and agents, we have seen a quickening in their adoption of new tools and new ways of doing business." Jack Diner CEO Elafris.
360Globalnet found exactly the same with Digital Claims. Over 2.6 million claims processed delighting customers and collapsing costs.
But the brutal truth at the beginning of 2019 is that only a minority of insurers will achieve this digital transformation. It is too late to leave it and the digital leaders already have the business vision, strategy and action plan to harness the digital winds of transformation. Th remaining 70% or so will hunker down behind the protection of partial solutions not helped by insurtechs with technology innovation seeking as problem to solve.
Insurers must find the partners and technology to deliver on the promise of claims i.e. we will : -
- Sort you out
- Make you happier
- Make it easy
- Settle it fast.
To achieve this transformation why not apply this checklist to find the ideal technology partners? They must deliver: -
- Customer self-service from the device of choice anywhere, anytime, any place.
- Customer delight- the experience and journey
- Orchestration of customer, staff, brokers and supply chain
- Collapse operational and claims costs
- Collapse settlement times
- Be compatible with legacy technology and tomorrow's digital & micro-services stacks
- Stop charging ruinous CAPEX and licensing costs
The partners are there today and you only have a year or two to transform the business, employee and customer experience. Will you be in the top 30% that achieve this or in the 70% likely to suffer consolidation, decline or slow death?
A new twist has emerged with the ubiquity of smartphones -- the preference for texting, chatting and messaging over calling customer service for assistance. Research has revealed that not only do over 75% of Americans own a smartphone, but most prefer to connect with brands online via web and mobile self-service interactions.