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Oliver Wyman

Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Library: PEGA – Why insurers need to modernise the claims customer experience

Executive summary :

The Amazons and Googles of the world have set the standard for how companies should interact with their customers. They personalise interactions, anticipate needs, and allow customers to seamlessly conduct business across channels, all while keeping them informed of the status and positioning themselves for the next sale.

 The Digital Insurer reviews Pega’s Report on Why insurers need to modernise the claims customer experience

As insurance becomes customer centric, so claims must modernise 

Tech giants provide role models

Significant changes have taken place as insurance shifts from a risk and product centric business to a customer-centric business. Claims leaders are now aiming for the Amazon style experience insureds have come to expect. Many carriers, however, have yet to fully leverage the advanced digital technologies and capabilities that enable what is quickly becoming table stakes in the industry.

Customer retention is becoming the new growth engine for insurers, and it’s increasingly evident that loyalty is not driven by price alone.

Engagement holds the key

According to an article by the Forbes Business Development Council on insurance “…growth and retention will rest heavily on service-based strategies that improve the customer experience.”

While a recent customer loyalty survey conducted by Bain & Company highlights the implications of claims not investing in customer engagement technologies, where: 56% of respondents indicated claims digital channels were slow and difficult to understand, and – perhaps as a result – 20% said they want more seamless access to a live person.

It’s important for insurers to reimagine the desired brand experience, assess the impacts of new digital devices and capabilities, and figure out how they can work together to modernise the claims customer experience.

Engage insureds with proactive, personalized messaging

The industry’s longstanding customer engagement model of waiting to hear from the insured after something bad has happened is shifting to proactive outreach. Carriers, for example, now have a greater ability to map policies in force against predicted weather events and catastrophic (CAT) storm paths. This, in combination with the ease of communicating through digital channels, creates opportunities for carriers to proactively engage with insureds before, during, and after a claims experience.

Pre-event, personalised messaging to the insured’s desired channel can address safety, loss avoidance (eg links to emergency board-up services), and provide links and instructions on how to file a claim if damages occur.

A number of carriers have taken this one step further with proactive claims notifications, setting up a claim, and assigning an adjuster before the insured has even called to report the damage. One leading personal lines carrier leveraged aerial imagery post-hurricane Harvey to identify impacted autos that were protected under the policy.

Proactive, personalised messaging at scale can now round out the experience.

See the full report for more…

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