The critical element in digital transformation success for InsureTech companies

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The critical element in digital transformation success for InsureTech companies

In 2018 insurance companies globally realised that emerging technologies will disrupt their business. Several traditional insurance companies started exploring technology, design and communication to be ready for the next generation customers.

Insurers can no longer wait

Insurers can no longer wait to hire the right set of people and start building future roadmaps and deploy technologies. Insurers must rely on building trusted partnerships with technology providers.

Curate a trusted ecosystem of partners

The way forward for insurers is to create a trusted ecosystem of partners from the following domains:

  1. Emerging technologies (AI, ML, IoT, Robotics)
  2. Design (strong focus on UX)
  3. Communication (strong focus on the customer)

The critical element : service first communication and technology

In the digital world the consumer has access to incredible information that influences his/ her decision making. The customer has never been so important ever. The digitally enabled customer seeks trust. Either you build it or you don’t. There is no middle path.

Technology must retain the customer

InsureTech companies are increasingly investing in technology and processes that lead to increase in customer retention. A customer that you lose in the digital world, you pretty much lose him / her and their larger network. The influence and word spreads faster.

Your customer wants to know that you are with them always

Digital transformation for InsureTech companies must focus on two fundamentals:

  1. Your customer must actually feel that you are always with them, always around when they need you
  2. Your customer must hear from you not in marketing messages, but with genuine concern for their health

IoT + marketing automation + service first UX

Whether it is a mobile app, a web app or any other form of digital first touch points that you are creating for your customers, the UX must communicate that you are with your customers always.

Marketing automation instead of selling new products, must care for the customers health and invite the customer for a more meaningful engagement.

IoT and marketing automation in many ways has opened up a world of engagement for InsureTech companies.

We are ready to create a service first UX for InsureTech companies in 2019. A better future for everyone.

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