How organisations must adapt to changing consumer behaviour – EY
Article Synopsis :
Increasing customer demands and the digital wave make it necessary for insurers to understand that data and technology have an enabling effect on sales performance. It is vitally important for an insurer and its brand to be discoverable in the ocean of other providers and competitors. Hybrid customers value a contextual response from insurers compared to the “May I help you” tag line.
E&Y in the report “The digitisation of everything – How organisations must adapt to changing consumer behaviour” presents the challenges insurers will face as they attempt to digitise and outlines a roadmap to develop a comprehensive digital strategy. While digitisation is a necessary step in the right direction, insurers will face a number of challenges along the way that will include:
• Loss of control over the customer relationship
• The need to engage digitally with suppliers and employees
• Increased competition and the risk of commoditisation
While addressing these challenges, insurers must work to formulate an end-to-end response that will require the need to consider new and alternate business models and a structured approach to planning and transformation.
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Digital Insurer's CommentsDigitisation presents a major challenge for IT managers of insurers worldwide and will be a prime enabler to remain competitive in an increasingly dynamic business landscape. While working on digitisation, insurers will have to focus on:
• Convenience and speed of engagement with customers
• Innovative Omni-channel solutions to remain competitive
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