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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 enable our clients to build innovation capabilities and transform their organizations. 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.

The Digital Transformation to Customer Centricity – Wyde

Article Synopsis :

Insurers have historically prioritised products and traditional distribution channels above customers and their needs. However, the emerging digital landscape requires a more customer-focused approach.

 The Digital Insurer reviews Wyde’s Report on The Digital Transformation of Insurance to Customer Centricity

The ‘legacy curse’ isn’t an IT problem, it’s an organizational problem  

This report from Wyde, “The Digital Transformation of Insurance to Customer Centricity”, identifies the crucial elements and key tenets to be followed on the transformation journey. According to the report, user experience (UX) design is the crucial element for engaging customers as it helps build the customer experience through simplicity and transparency.

Currently, UX design tends to be segregated across P&C and Life, with limited experience applied only to simpler products. In Group Benefits, high-quality UX is still far from being realised.

While many insurers have embarked on UX-focused digital transformation over the last three years, many are reporting less than satisfactory results

The way forward, suggests this report, is to re-evaluate existing technology ecosystems and accelerate technology investments to build a unified product distribution and customer experience platform.

Most core transformation programs focus on customer experience, but improving operational efficiency and reducing operational costs are also achievable, and should be pursued. Existing legacy environments are often the main barrier to progress. A way around this is to view transformation as an organizational—and not just an IT—endeavor. Start with strong change management and people management strategies aligned commonly at the enterprise level. Once this is done, all business segments can be brought to a common platform with unified digital experience leveraging data from all customer touch points. See below:

Toward building a unified ecosystem, insurers should focus on:

  1. Customer engagement – Tapping into the customer’s emotional intelligence by building 360 degree views of customers, having a one-touch interface, creating up-selling and cross-selling opportunities, and building self-service capabilities.
  2. Big data – Leveraging customer-interaction data from all touch points to create and deliver better products and services.
  3. Omni-channel outreach – Instilling the concept of service being available anytime, anywhere. The right solution should include  emails, calls, chats, web-based portals, mobile apps, IoT, and banking integration.
  4. AI, bots & IoT – Using robotics, artificial intelligence and IoT to eliminate errors, reduce fraud, and increase operational agility.

Providing proactive, customer-centric products and services and building a unique and seamless customer engagement experience is the ultimate goal.

Link to Full Article:: click here

Digital Insurer's Comments

We call it the ‘legacy curse’. The typically mainframe systems that many, if not all, incumbent carriers rode to success over the last twenty years impede the delivery of digital products to digital customers moving forward.

We agree with this report in that moving beyond this ‘curse’ requires moving beyond the view that it’s an IT problem. It’s an organizational problem.  With all the digital tools and techniques available today, dispelling the ‘legacy curse’ is highly doable.

Link to Source:: click here

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