the challenges of digital transformation for insurance companies
In this whitepaper, we will cover the challenges of digital transformation for insurance companies. Modern customers expect a seamless experience when dealing with any service provider. Moreover, going digital also allows insurance companies to save cost and gather valuable information about their customer base. These are invaluable benefits, but how do you ensure that your digital transformation is a success?
what does digital transformation mean for insurance companies?
Digital transformation means getting your customer online, knowing who the customer is, and engaging with them in a meaningful way. Going digital allows you to interact with customers more directly and offer personalized service, reducing the number of letters sent and calls received. Many of your customer-facing processes can be automated to help save on operational costs. Technology can also make it easier to stay compliant with ever- changing legislation and regulations in the insurance industry. But more importantly, good digital technology allows you to set yourself apart by offering a smooth, intuitive digital customer experience. After all, in this highly competitive environment the customer journey is the key to success.
managing digital identities
However, bringing your customers online also increases complexity for your organization: after all, you already had information stored in an internal identity, profile or account for this customer before they started using your app or web platform, often in separate, unconnected systems. Now that customers are adding their own information, accessing it, and sometimes changing it through various interactive platforms, you have to ensure that all aspects of the customer’s identity are properly managed. First of all, you need to verify that the person who creates the online account is really the customer whose information they request access to. Secondly, you must find a way to bring together to all the relevant identity information even though it might be spread across your organization. The best way to do this is to govern digital identities in a hybrid environment that offers access to various connected resources, both internal and online. Commercial CIAM systems (Customer Identity and Access Management) are designed to do just that.
transformation for business value
Digital transformation should not really be about technology at all. Instead, companies must focus on the business value they wish to achieve. Key benefits insurance companies typically look for are:
- Improved cost and time-efficiency
- More engagement with customers, leading to more sales and more retention
- Flexibility to respond to future customer needs quickly
- Room and tools for innovation
- Easy regulatory compliance