Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

The Omnichannel Insurer – A Ninety Consulting white paper

[ff_author_box_style2]

Article Synopsis :

The rise of the omnichannel customer is challenging and shaping  insurers’ traditional brick and mortar businesses. With access to cutting edge technology and multichannel devices, the connected customer is leading the omnichannel race.

 The Digital Insurer reviews Ninety Consulting’s Report on The Omnichannel Insurer

Insurers must respond to the reality of the omnichannel customer

In part one of a two part series white paper “The Omnichannel Insurer”, the Ninety Consulting team aptly define the omnichannel customer experience and look at some of the initiatives and issues that are emerging as insurers try to move to an omnichannel approach.  The report highlights that omnichannel maturity in insurance varies widely, but most insurers have started the journey. The white paper identifies the key issues faced by insurers while trying to deliver omnichannel services:

  • Integration with legacy systems
  • Internal silos e.g. different divisions managing different products
  • Internal training of customer agents
  • Customer knowledge of other offerings
  • Speed – time-poverty of customers
  • Interfacing with and use of many technologies
  • Customisation – knowing your customers and offering options to suit their needs
  • Measurement of the effectiveness of the customer journey
  • Skills in using social media
  • Disruptive start-ups
  • Interactive, any channel, anywhere, 24 x 7

Ninety Consulting also explore some of the specific changes, trends and initiatives emerging across the global insurance sector pushing insurers towards what they call Omnichannel 2.0. As per the white paper, Omnichannel 2.0 includes:

  • Sophisticated apps for customers
  • Further integration and differentiation of direct and agent channels
  • Specialist processes for customer acquisition and retention in a digital world
  • Increased integration and use of software from specialist suppliers
  • Leveraging the data from the Internet of Things
  • Knowing your customer and personalising offers and service
  • Augmenting customers’ physical reality with digital experience
  • Active engagement with social media

Finally, the team also outline their six-step strategic transformation process for developing omnichannel capability:

  • Discover
  • Direct
  • Define
  • Plan
  • Implement
  • Measure

Link to Full Article:: click here

Digital Insurer's Comments

As today’s customer researches on the internet, purchases through smart phones and shares his feedback on  social media, product availability, data access, ease of transacting and serviceability will play a key role in competitive differentiation. The ability to provide an omnichannel experience involves delivering an enhanced customer experience through seamless integration of disparate digital and physical channels. However, delivering such an experience is no easy feat. We agree with the Ninety Consulting team who summarise nicely the strategic and transformative nature of such change: “The complex, multi-faceted and intertwined strands and trends explored above highlight the fact that moving to an omichannel approach is not an IT project.  Insurers need to treat digital and omnichannel capability as a long term, strategic transformation of their business, and not merely bolted-on capability”.

We believe to deliver on the promise of an omnichannel experience and to make the omnichannel a reality, insurers will also need to consider the following capabilities: :

  • Gain a 360view of customer needs and preferences
  • Reinvent IT for an omnichannel world
  • Optimise omnichannel experience with predictive analytics

Link to Source:: click here

 

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in