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August 12 2020 | Deb Smallwood

Disasters – such as pandemics – have a way of revealing the need for change. That’s why digital transformation has advanced five years in about eight weeks. Businesses of all sizes have embraced digital sales and service, and, due to lockdowns, just about everyone has experienced the increased need for digital engagement, with expectations only rising. 

3 Must HavesFor P&C insurance, the pandemic has brought digital strategies and investments into sharp focus and revealed, in real time, which digital investments are delivering high value, and which are not. It has also exposed our gaps and elevated capabilities that were once perceived as less important to higher levels of significance. 

SMA’s latest market pulse research on the impact of COVID-19 and our ongoing advisory work with insurers have revealed that this pandemic has reshaped and shifted digital investment priorities. 

Three “must have” investments have emerged as focus areas this year: Digital Platforms, Digital Payments, and Digital Communications.

Given the shift in focus, SMA has just published reports on these three critical areas and completed the Insights to Solution Series, which are virtual events showcasing strategic insights, panel discussions, and virtual tours by leading solution providers across all three areas.

Digital Platforms. It is essential to accelerate the digital enablement of sales and service capabilities for policyholders and agents/brokers with a modern platform and connections to core systems. These platforms enable new servicing, sales automation, and STP by leveraging the transformational technologies like AI, BOTS, IoT, and wearables. 

Digital Payments. There is a renewed urgency to transform inbound and outbound payments by moving away from physical paper checks and payments and creating digital experiences and virtual digital payment capabilities. Digital payments are crucial to delivering a highly tailored customer experience as well as improved operational performance.

Digital Communications. Digital interaction and delivery for communications with prospects, agents, and policyholders are increasingly essential. This includes digital communication tools like chatbots, voice, and business texting, and the tools to capture, create, and manage forms, documents, correspondence, and messages to support interactions.

2021 may paint an entirely different picture, but for now, P&C insurer plans are full steam ahead with digital transformation investments.

So, what are your digital plans? How has your company reshaped your plans? Are these areas for investment? If so – click on the reports for more insights and contact SMA for assistance and guidance on your digital journey. Let us help you accelerate your journey.