Article Synopsis :
The insurance landscape is changing at an accelerating rate. Consumers expect increasingly high levels of convenience, service, choice, immediacy and price-competitiveness across their digital interactions. How best to meet these challenges?
Here are the ten steps recommended in this white paper from App Dynamics.
- Accept that insurance is now a ‘software platform’ business. In the digital age, it’s not about building applications; it’s about a ‘platform-based’ approach, whereby services and applications are interconnected through Application Programming Interfaces (APIs).
- Obsess about your insurance customers every day. Do you pay lip service to being customer-centric, or are customers really at the center of your decision-making?
- Invest in a modern software stack for agility and scalability. Microservices, container technology and production-centric application performance monitoring are essential to rapid feature updates and faster releases.
- Prioritize insurance application performance over personalization. There are tradeoffs, and as a rule, personalization doesn’t matter if your app is slow, users will click off.
- Think ‘mobile first’ for your insurance applications. 29% of consumers say mobile is the only tool they use to make purchase decisions, and the percentage is climbing.
- Embrace machine learning to inform intelligent automation. Machine learning has a crucial role to play delivering ‘speed with quality.’
- Adopt and experimentation mindset. ‘Fail fast, fall forward’ should be your guiding philosophy when it comes to innovation.
- Get serious about insurance analytics and data. Go beyond using analytics solutions as a glorified scoreboard for clicks and conversions. Use the tools to glean new insights into user behavior informing new drivers of engagement.
- Explore new insurance technology possibilities like IoT and Augmented Reality. Explore these technologies for improved evidential capabilities, and to add value to customer relationships by supporting on-going personalized engagement.
- View InsurTech startups as a partnership opportunity. Teaming up with InsurTech firms can help established insurers tackle legacy technology issues choking innovation.
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Digital Insurer's CommentsEvery one of these ten recommendations is geared to delivering better technology to customers—or, rather, better, more relevant and accurate information. Sometimes we let the gadgets and hardware get in the way of what we’re really after.
We also like the article’s treatment of failure—with a distinction: ‘Innovation failure’ is almost always an asset; ‘Operational failure’, by contrast, especially if customers are involved, is in every instance a liability.
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