24 April 2018
Ranjit Shankar

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Ranjit Shankar - Nous Infosystems

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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Digitalization Drive in Insurance Industry

27 May 2016  |  10683 views  |  0

Digital transformation of marketing channels has brought a change in consumer expectations. Going digital calls for revised culture and process of work. Industries across sectors are reaping the benefits of digitization.

A digital transformation in the insurance industry refers to an outside-in approach in line with a customer-centric view of the business. Development with new technology helps in bringing innovation and therefore creating new revenue streams.

This process of digitalization however, is very challenging.  According to a 2013 Ernst and Young survey, over 100 companies in the insurance industry showcased their preparedness for digital transformation. According to the survey, 79% of insurance companies understand the importance of going digital but are lagging far behind.

A comprehensive digital transformation in the insurance industry includes a transformation of core insurance applications, customer service as well as claim operations. Insurance companies hold vast data pertaining to business process management, analytics, mobile technologies, and business applications.

Insurance companies need to focus on digital methods of garnering, processing and delivering information. This requires a comprehensive evaluation of existing tools used, process of managing documents and channels of communication.  In totality, the key element is in transforming analyzed behavioral pattern of insurance customers and strategies of business models to digital readiness.

Need of digital capacity:

Levels of digital maturity in the Insurance industry however, needs analysis on customer engagement, utilization of mobile and the social media spectrum. EY Global Insurance Digital Survey 2013 states that majority of insurance companies, about 80%, do not have a structured digital operating model.

Internal factors affecting the insurance industry in going digital:

In the insurance industry, progress on the digital front can be challenged by internal factors.  This includes legacy technology, speed of delivery viz. turn-around time and digital fitness. An emphasis towards a synergy in digital innovation can grab opportunities as they come.

Enhancing customer experience:

Main components of a successful digital strategy include enhancing customer experience and focused management of customer relationship. Owing to increasing market competitiveness in the insurance industry, costs involved in acquiring customer share is rising. Therefore, it becomes imperative for companies to retain customers. This can happen with continuous improvement in delivering a better customer experience that is digitally inclined.

Analytics for Digital Soundness:

Providing a seamless digital customer experience is possible primarily with the help of unambiguous analytics. Market share analytics with strategic segmentation is an essential element for digital soundness followed by technical know-how and marketing competency. Analytics lead optimum utilization of costs involved in a digital transformation.

Grasp the Social media wave:

With the growing usage of mobile and tablet devices, insurance industry too needs to benefit from the social media and mobile wave. Insurance enterprises today need to increasingly listen to the chatter on social media to gauge customer feedback and also measure brand sentiment.  Social Media will play a huge role in shaping consumer perceptions in the years to come.

Digital Transformation in the Insurance Industry TagsInnovationFinancial inclusion

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An MBA (Marketing) with a combined understanding of business and technology with more than 10 plus years of experience in the IT industry. With a significant expertise in B2B software product marketin...

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