The insurance industry is changing – and the winners of the future will be those who can wield innovative tech to provide the products and services that exceed customer expectations.
There's been many questions asked of our speakers, here were the hottest questions today:
Top 3 Questions – Plenary Session
1. Can you share any ROI metrics on the technology investments you have made in claims?
2. What is the attitude towards using bots/automation to handle some of the customer interaction, mainly to gather customer info and get info for an agent?
3. To what extent are customers ready to share medical data using wearables with insurance companies?
Top 3 Questions – Innovative Tech Stream
1. What are your thoughts on leveraging blockchain for insurance payments, as well as preventing fraud?
2. In your experience, what’s the bottleneck? Is it just slow adoption to digital payments? Digital communication? Digital claim handling?
3. What does “best practice” look like, from your perspective, when dealing with InsurTech companies?
Top 3 Questions – Customer Engagement Stream
1. What questions should you be asking your customers about “how” they want to interact with your company to leverage the relationship in the best ways?
2. What have you done to address policyholder evolving needs with respect to viewing bills or making premium payments? Which channel is growing the fastest?
3. What do you see as the most efficient way to become customer-centric, in an organisation where that is a significant change?
Top 3 Questions – Product Development Stream
1. Shouldn’t the concept of millennials be ditched? Everyone wants to be treated this way now, right?
2. The trick is convincing the customer there’s value and to change their behaviour - what’s your advice here?
3. How do you manage the pace of change when looking at legacy renewal or replacement? Is there a sense of guess work in the timeline?
We've been collecting some real time statistics over the day. Here's what we found:
It is clear that the insurance industry has some way to go in being confident that they know their customer, and what they want. The vast majority of participants in the poll scored themselves at a ‘middle of the road’ 5/10 (45%). However, there is confidence in what digital capabilities bring; ‘engagement’ and ‘great service,’ being the most popular responses. But who’s responsible chiefly for bringing about this change? It seems the CIO- they must have responsibility for driving digital strategy forwards according to our delegates. 50% of participants cited ‘infrastructure’ as the biggest hurdle in changing to a digital-dominant model of user experience. An equal percentage stated that over 75% of communications should be digital. There is clearly still a lot to achieve. But so much opportunity!
So, trust is a must for insurers and building on the industry’s reputation. Compared to last year, we can see that the industry perceives consumer trust to be growing- the majority of our pollsters scoring trust levels at 7/10 (70% in fact). 55% cited ‘peace of mind’ as the most important reason for securing a good insurance policy as oppose to price or compliance. The next question more or less split the group- does your customer want to hear from you outside of renewal or claims? Surely, as an industry we must decide whether or not this is favourable? Connected with the trust issue, perhaps increased communication is important. 62% believed the incumbent insurers will be threatened by outside industry forces. Finally we asked- what do insurers need to change to increase engagement? Ease of access/ communication and ‘attitude’ interestingly were the most popular responses.
Here are the full polling results: