DIGITAL TRANSFORMATION
interactions . That element will never change , I hope .
“ Giving customers multi-channel choices will be important , whereby they can engage with insurers and brokers in different ways at different times . For instance , a customer may be happy to use a self-service portal to change a policy address , but when a major flood hits the house they will want to speak to a real person to resolve the claim .”
The future of digital transformation in insurance Research from PwC published last year identifies three key areas of improvement when it comes to digital transformation in the insurance industry .
The report states : “ First , insurers agree on the high strategic relevance of digital transformation for their company ’ s success , but they ’ ve been struggling to unlock its full potential . As COVID-19 continues acting as an accelerator , however , their momentum toward adopting more digital capabilities at scale is expected to increase .
“ Second , past investments into digital self-service platforms and robotics process automation ( RPA ) have proven to be successful . Therefore , budgets have shifted to account for new use cases in the field of artificial intelligence ( AI ) and to unlock additional potential from data analytics – especially as it relates to automating and accelerating claims processes and customer service . 5 out of 6 insurers expect AI to be a core part of the way they provide services over the next 3 – 5 years .
“ Third , insurers acknowledge that they need new ways to enable change within their workforce in order to foster a truly digital mindset within the organisation . While insurers are deploying new technologies with some impact , they are reporting lower emphasis on keeping the organisational setup aligned with technological change . The greatest hurdle for an insurer on its way to become a digital organisation is change management . Companies must make structural changes to secure the sustainable impact of their new technologies and upskill their workforce , often by closing digital skill gaps through collaborations with tech firms .”
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