Apr 15, 2019
Picture this all-too-common scenario – you are at an industry conference or seminar where let’s say the topic is Digitization in Insurance. Keynote, presentations, expert sessions are drowned in buzzwords of all shapes and sizes – big data, artificial intelligence, datafication, disruption – you get the picture. They have a familiar ring alright, but you are on your own connecting a lot of the dots.
Here’s an attempt to bust those buzzwords. To see the meaning, they hold in the context of insurance and technology. Let’s do this three at a time.
Being able to see in a single view, an all-round picture of an individual or a business holding a policy with your organization. It allows you to accurately assess the opportunities and the risks. At its best, 360-degree view helps you enhance your relationship with your customers, and in the least, helps you address their concerns better.
If a particular customer holds multiple policies across different lines of business with the same carrier, chances are the internal systems and processes don’t see the policies as belonging to that one customer. Instead, those policies are seen as numbers identified with different individuals. This results in a scattered approach to the overall service as experienced by the customers.
A business view where every customer is recognized as an individual with unique motives, desires and aspirations. So, the insurance products are personalized to their preferences and are accessible to them anywhere and anytime. Internal systems, processes and organizational boundaries are no longer constraints to facilitating this service experience, but are brought up to speed.