Four Challenges Insurers Face as they Embrace Digital Transformation
The increasing competition in the insurance industry has forced insurers to re-examine their strategy. They must come up with innovative solutions to stand out from the competition, retain customers, and increase customer lifetime value.
Insurance leaders expect technology to help them improve quality insurance customer and agent portals as well as enhance customer loyalty while reducing costs and boosting growth. However, insurers need to pass some hurdles to achieve a successful digital agenda. The following are some of the digital optimization and transformation challenges insurers face:
Poor Portal Experiences
Surveys show that consumers decide to continue to choose an insurance company based on the quality of their experience. Insurance providers must deliver omnichannel solutions across mobile, call centers, and chatbots to offer customers seamless experiences whenever they want and wherever they are. However, the majority of agent portals have poor experiences. That is why executives need to invest in easy-to-use and friendly portals to optimize their team’s experiences.
Customizing and Adjusting Business and User Experiences Across Countries
The majority of insurance companies operate across various states and countries. That is they must deliver a seamless experience. However, various countries have varying regulations and insurance companies must adjust their policies and procedures to be compliant everywhere.
Connecting Different Components of their Ecosystem Seamlessly
The continuous increase in competition forces insurance providers to expand their business and services offerings by partnering with other businesses. For insurance, some insurance programs can adjust rates based on the number of miles a person drives. This allows insurers to broaden their market to new customers and diversify their product or service portfolio. However, this also makes their business more complex than before. They need to connect all various components of their ecosystem to ensure a smooth customer, broker, partner, and agent experience.
Insurance companies must embrace innovation to stay competitive. But, because results are not immediately, insurers prefer not to adopt. A lot of insurance firms continue to trust their business to legacy systems that consume both financial and human resources, hampering innovation.
Forward-thinking insurance firms look at these challenges as a chance to differentiate themselves from their competitors. They consider solutions that use portal as a service through platforms that deliver innovative agent portals and customer experience capabilities. These solutions allow insurers to enjoy better engagement and communication with their agents and customers across any device or channel. Also, they let IT teams customize and configure applications based on agent or customer feedback or adhere to new regulation standards within just hours.