Over the last few weeks, companies have been challenged regarding their abilities to adapt quickly to changing business environments. All over the world, companies are revisiting and updating their corporate policies, operational workflows and communication processes that have been in place for decades.
This past week, our CEO, Tara Kelly, sat down for a panel webinar hosted by our partner Sapiens, and fellow Sapiens partner Lightico to discuss how businesses in the insurance space can better manage their operations and customer relations through turbulent times.
Read on for the key takeaways from the event...
This is a moment of truth in Insurance
Innovation in insurance has historically been slow and “working remotely” is relatively new in the industry – will this lead to the end of on-premise core platforms? Will insurance carriers finally make the transition to cloud and API based solutions to be more agile in the future?
Solution providers are learning they need to be able to adapt quickly and provide agile solutions that are easy for their clients and partners to integrate. Over the next few weeks we will see which companies step up and really drive the change that is required to allow customers to seamlessly interact with them, both on a regular day, and in the event of a future crisis.
This is an opportunity for innovation
Now is the perfect time to be looking for innovative ways to do business. Companies are already re-visiting and re-working internal processes, and as discussed in the webinar, conversations related to managing operations and providing a superior customer experience have switched from “nice to have" to "mission critical”. There is an opportunity to take this time to implement new initiatives that may have been put on the back-burner or into our “TO DO” piles.
While we hope that this pandemic ends in the coming months, the way we do business will be forever changed. Digital will become the new norm and companies need to make sure they are not left behind – especially with their competitors making the transition to using InsureTech and Partner Ecosystems to streamline the insurance journey.
You need to be where your customers are
Insurance is used to the traditional. But the idea of communicating with employees and customers in real-time is now top of mind - and a top priority. We need to think about how to reach policyholders and what channels we should be using to ensure we are engaging them as much as possible.
But the rise of digital doesn't just mean adding digital channels; we need to make sure we show our customers we care and create digital conversations that are still personal and empathetic. This brings to light the value of collecting and honoring customer permissions and preferences. There will always be customers that value more traditional approaches to doing business, and ensuring the traditional experience and the digital experience are aligned is critically important.
In Summary
If you have caught yourself thinking a lot about what we are going to experience coming out of this – the “new normal” – rest assured you are not alone. The current situation is on everyone’s mind and we are all looking for ways to move forward. While your customers are being overwhelmed with “COVID” related informational emails, use this opportunity to not only communicate more effectively, but to create lasting improvements to their experience that will set your brand apart in their minds and hearts.
For more insights, you can watch the recording of the webinar here.