INSURANCE
the customer journey needs to be digitised and simplified . Disruptors like Lemonade , Cuvva and Zego have sought to address this with speedy coverage and payments – but the incumbents are not yet moving at pace .”
“ THERE IS A GREAT DEAL OF WORK TO BE DONE AROUND DIGITAL SELF- SERVICE , WHERE EARLY ATTEMPTS ARE NO LONGER FIT FOR PURPOSE ”
“ Achieving this requires a modern core system that has a complete view of the customer and their transactions in real time . Many core systems use batch processing so are unable to support omnichannel . When insurers want to create more personalised customer journeys , modern core systems integrated with sales and marketing processes are a necessity because of how essential it is that duplication and poor segmentation is avoided when cross- and up-selling .”
Schoenauer also points to claims processing as an area where insurers can improve , even when consumers tend to prefer non-digital channels like telephone . Claims involve a certain level of trust and transparency , hence any reluctance to take up digital channels instead . As consumers become more accustomed
RENÉ SCHOENAUER DIRECTOR OF EMEA PRODUCT MARKETING , GUIDEWIRE
What can the insurance industry do better ? Both our experts agree that incumbent insurance carriers can do significantly better with respect to digitisation . “ There is a great deal of work to be done around digital self-service , where early attempts are no longer fit for purpose and aren ’ t delivering the omnichannel experience that customers expect from any digital service ,” Schoenauer says .
“ What is needed is a single source of truth about a customer . For omnichannel , a fundamental principle is that the digital policy or claims management system remembers where the customer last was , avoiding the drudgery of a customer having to go back to the start .
48 September 2022