The Digital Revolution of Insurance
Unlimited access to information and the ability to instantly create and share information online have put consumers squarely in the driving seat. This shift in power combined with innovative technologies is creating new opportunities for brokers and insurers to digitally revolutionise the business of insurance.
A changing landscape creates new opportunities
Insurance is in the midst of a digital revolution, which requires transforming how we market, sell, distribute and service insurance so that we put the customer first.
Heed the call
The digital revolution commands action
Source: PwC Future of Customer Experience Survey 2017/18
The Insurance Industry Customer Experience & Expectation Gap
By failing to prepare, you are preparing to fail.
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Benjamin Franklin
To lead the digital revolution of insurance, brokers must become digital businesses by taking full advantage of the technology that exists today. Digital connectivity to policyholders and insurers is necessary to meet customer experience expectations. Digital brokers deliver a superior customer experience by using a foundational management system, operating in the cloud, extending self-service to customers via mobile technology, and connecting to insurers directly from the management system.
Embrace digital technology
Technology helps businesses be more customer-centric
Technology creates greater business value, including growth and increased
customer satisfaction:
of survey respondents cited customer experience as the reason for renewing their insurance policy.
37%
37%
158%
higher revenue per employee (RPE) is realized by fully digital brokers.
158%
is the increase in organic growth that digital brokers achieve.
15%
No company exists in a vacuum; each is part of an ecosystem.
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Steven J. Bowen
The digital revolution of insurance is bringing with it lots of change that can make it hard to discern the future of the traditional relationship between brokers and insurers. To keep this a profitable distribution channel, brokers and insurers need to adapt and learn to work even more closely to build more value into the broker-insurer relationship.
Digitally collaborate
Build more value into the broker-insurer relationship
Any sufficiently advanced technology is indistinguishable from magic.
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Arthur C. Clarke
The insurance ecosystem is where all stakeholders collaborate to get the best value for themselves, customers and partners. These various relationships are connected by a digital platform that provides participants immediate access to information and the rapid exchange of data, fostering meaningful, high-value experiences for the entire network, especially policyholders.
The pace of innovation is getting faster and deciding how and when to adopt new technology can feel overwhelming. Brokers and insurers need a partner who will make the complexity simpler and help them adopt technologies that will revolutionise the way they manage their businesses like artificial intelligence (AI) and big data.
Find a future-focused ally
Adopting new technology doesn’t have to be overwhelming
Artificial intelligence and big data are a
tremendous opportunity for the insurance industry.
Artifical Intelligence
Big Data
Insurance is rich with valuable data that is at the heart of sales, operations, customer service and financial forecasting. Analytics provides insights that can help organisations differentiate their businesses, optimize employees’ time, and better advise customers.
AI can redefine existing processes – evolving the way people work and transforming customer experiences. AI is designed to provide businesses with better insights to make better decisions, and to identify better opportunities to sell to and serve customers.
Putting innovative technology to work in very practical ways will change the way insurance is shopped, rated, quoted and bound – all while keeping the broker value at the core. Collaborating with future-focused partners will support new business models and recreate customer service to keep pace with changing demands. The digital future holds exciting opportunities for innovation to remake the insurance industry into a better, more valuable ecosystem for us all. This is what we call the digital revolution of insurance.
Go onward and upward
Those ready to adopt technology reap compelling rewards
Join the digital revolution today.
Download The Digital Revolution of Insurance – Today, Tomorrow and Beyond eBook.
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Insurance
Banking
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8%
10%
18%
20%
33%
80%
60%
40%
20%
Connecting to
Insurers
Connecting to
the Insured
Managing Your
Agency/Brokerage
Selling Marketing Self-Service
Marketing Distribution Servicing
15%
Join, lead and win the revolution – today, tomorrow and beyond
Maya Angelou
People will forget what you said, people will forget what you did, but people will never forget how you made them feel.
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Gap Between Perception and Expectation
Expectation of Service
Perception of Service
According to PwC, a clear gap exists between the service insurance customers expect compared to their perception of the service they receive.
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Connecting to Insurers
Connecting to the Insured
Managing Your Agency/Brokerage
Marketing Distribution Servicing
Selling Marketing Self-Service