Library: EY – How an established insurance company became digital-first
Executive summary :
Over the last 10 years, the global insurance market has been shifting to include more digital offerings. Consumers have become highly selective and price sensitive.
Once a consumer has taken out a policy online, they often find their insurance provider offers a limited and outdated experience – for example, making consumers call them to make claims, renew or cancel their policies, sitting on hold in the call centre queue. It’s a far cry from the customer-friendly, intuitive digital experience that attracted them.
Faltering customer service
Hastings Direct is a UK insurer that, recognising this potential drop-off in customer service for their business, developed the strategic ambition to become the best and biggest digital UK insurance provider. That doesn’t just mean numbers of customers or total revenues, it means enabling customers to perform more transactions digitally with the best experience possible.
Hastings Direct had a longstanding relationship with the EY organisation as their trusted advisor, having already implemented and enhanced the core Guidewire InsuranceSuite, including the migration of their products to their new insurance platform.
Together, they worked on a path to achieve Hastings Direct’s ambition.
Moving forward
After working with the EY organisation since 2014 building the internal technology foundation, Hastings Direct was confident to move forward with EY teams to drive a mobile-first digital transformation.
Working to a new definition of “best and biggest,” Hastings Direct and EY teams had to think beyond traditional metrics. This meant putting the consumer first, for example, enabling self-service and making the sales journey easier and more straight-forward.
Building new customer journeys
EY teams worked with Hastings Direct’s in-house digital hub, which designed new journeys aligned to their customers’ needs. To make these a reality, Hastings Direct needed the underlying technology to transform too. Hastings Direct completed a migration to the cloud, further invested in data enrichment and management information throughout the organisation and launched a core platform upgrade to further enable digital customer journeys.
One for all and all for one
It takes the whole organisation to embed a customer-first, mobile-first transformation like this – so it was essential to equip all employees with the modern workplace tools necessary for Hastings Direct to become a truly digital insurance provider from the inside out. EY teams advised and collaborated on this process and helped establish internal governance to improve overall efficiency and delivery quality.
Strategically, Hastings Direct wanted to use its innovative new technology to get a holistic picture of customers and offer them the best price possible – this included embedding automation in testing to iterate improvements in the journeys.
On a tactical level, Hastings Direct and EY teams addressed the user experience through simplified question sets (which still maintained information gathering integrity to assess the insured risk), a clearer tone of voice, a consistent look and feel to the familiar price comparison sites, and easy toggling between standard and enhanced cover options.
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