To get the latest updates in the world of “Digital InsurTech”, SPLICE Software attended this year’s DigIn Conference in Austin, TX. Hosted by Digital Insurance, DigIn features keynotes, speakers and demos from various industry disruptors and focuses on showcasing the best of the future of digital insurance.
The insurance industry is undergoing a major transformation when it comes to digital innovation. Based on growing customer expectations and the need to differentiate from the competition, insurers are left with two options: invest in OR partner with Startup InsurTech companies.
Insurance products have a bad rap in general and for the last few decades, people have avoided talking about it—so, what can we do to change this?
The theme of the conference was simple: there is nothing to fear from technology itself but rather insurers should fear the high customer expectations of what these technologies should do. The needs of the customer are constantly evolving and Startup InsurTech companies have been working tirelessly to create an eco-system of complimentary products that can be conveniently integrated with any core system.
Overall, insurers should focus on two areas:
- The Power of Experience
Insurers want to make sure they are reaching customers via their channel of preference. Whether your customers are baby boomers or millennials—everyone needs some form of insurance—however, these two generations have two completely different views of what a good customer experience is. Taking the time to map these customer journeys will ensure you are building a more personal relationship with your customers that is based on trust.
- The Power of Mobile
While the world is moving toward a mobile-first design mentality, we want to be careful when interpreting the hours spent on mobile devices and what we spend those hours doing. While checking email and using social media might be mobile-only, there are still activities we prefer to do using more traditional methods. Creating a mobile strategy that compliments your existing channels will ensure you are reaching your customers at the right moment, in the right way.
Customers are now willing to pay a little bit more for convenient products/solutions that provide a better experience. Work with InsurTech’s to enhance your solution and don’t be afraid to talk to your customers—they will appreciate you reach out. Just remember, when you reach out to ask your customers for their feedback, be prepared to act on it—or the trust between brand and customer will be broken.
Want to find out more about how to improve the digital experience for your policyholders? SPLICE can help! Contact us at 1-855-777-5423 or click here.