DIGITAL STRATEGY
The customer is key Ultimately , it seems apparent that digital transformation should be an action plan by which insurers create a better , more modern , and more accessible journey for customers .
Although the reason for insurance ’ s digital adoption following COVID-19 was arguably one of expediency , both Smith and Fino agree that continuing to do so is important from the perspective of an ongoing demographic shift . “ New generations of customers do things differently than previous generations ,” states Fino . “ All businesses have to address that the only way they can continue to do business is to keep pace with technology .” Smith adds : “ Like all other sectors , we are seeing a shift in consumer behaviour towards choosing digital . In terms of outcomes for customers , where companies are able to offer desired digital services in a way that matches the company brand and experience , I think we ’ ll see the same customer satisfaction and ease of doing business that matches any human contact .”
This isn ’ t to say that there aren ’ t instances where an empathetic human response isn ’ t preferable , but the operative word is ‘ choice ’. It is important that customers feel they are being listened to and that their preferences are being taken into account . “ One of the things that we now get faster and easier than ever before is feedback ,” says Fino . “ We ’ re able to get it quickly and then feed it into our transformational priorities so that we can change the experience quickly . How an insurer transforms , services , and supports is now just an ongoing loop .” The answer , then , to what constitutes a good digital transformation can have many facets , but it must always start from one perspective : the customers . As insurance companies continue to explore their new identities in the digital era , it will be those who best observe this rule that reap the largest rewards . insurtechmagazine . com 45