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February 17 2015 | Monique Hesseling

Becoming a digital insurer is no longer optional. It is a mandate for continued success. The game is changing in our industry. Traditional boundaries are morphing thanks to both internal and external influencers. What it means to deliver excellent customer service is being redefined. The parameters for products and services are shifting. This means new requirements for the infrastructure necessary to support adaptable processes, as well as changing business and revenue models. Most insurers understand and accept the inescapable: becoming a digital insurer is an essential business imperative.

The good news is that major progress is being made. Many of the leading insurers have comprehensive initiatives underway. They are building capabilities to improve the customer experience, migrate to an omni-channel environment, become an analytics-driven business, and create new value propositions. SMA studies are showing significant shifts over the last six years. Currently, 85% of insurers are investing in the customer engagement.  Customer experience has become the number one area of strategic focus. Not far behind are data and analytics.

Essential to making progress in becoming a digital insurer is the creation and execution of a unified digital strategy. This strategy will enable the organization to increase digitalization across all aspects of the business. The key is to bring together strategies that have traditionally been independently managed. Examples include strategies for areas such as brand, marketing and communication, customer relationship, self-servicing, product development, mobile, web, and more. The benefits are indeed worth the effort: consistent and modern design, development and operational efficiencies, and, most importantly, common productive and valuable experiences across all customer touch points – all hopefully leading towards profitable growth.

In today’s hyper-connected, digital world, winning requires a bold strategy and vision. Becoming a digital insurer is a long-term, enterprise-wide endeavor for a company. It opens doors to new possibilities in an environment that is far less physical and manual – one that is powered by maturing and emerging technologies and data, optimized operations, and creative business and revenue models.

2015 promises to be an exciting year. Over the next twelve months, we will witness significant progress as insurers broaden their views and experience the rewards and value that a digital enterprise can deliver.

For additional insight and information regarding the digital insurer, contact me, Monique Hesseling, a Partner at SMA. I can be reached at mhesseling@strategymeetsaction.com or 1.856.470.8905. 

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To learn more, please contact:
Monique Hesseling
Strategy Meets Action