Similar to Fintech revolutionizing the financial services industry, Insurtech is taking the insurance sector by storm with its innovative and possibly disruptive technology solutions. The benefits to incumbent insurers include better engagement with and reestablishing trust with customers, the ability to innovate quicker with improved products, services and distribution, increased operational efficiency and profits, the ability to generate meaningful risk insight, and the opening of new market opportunities for millennials seeking easier means of purchasing insurance. However, the transition to an Insurtech business model comes with its challenges as many insurance companies are mired in old legacy systems and cultural barriers that could serve as roadblocks to adoption. As well, Insurtech startups are replete with Read more
Posts Tagged 'customer experience'
Digital transformation is at the top of many executive agendas and organizations are investing substantial resources to make it happen. While there may be internal benefits such as efficiency gains, the primary driver for digital transformation is the customer. Customers are now in the driver’s seat with high expectations demanding what they want, when they want it, and how they want it – and they will go elsewhere to find it if not satisfied. Years of growth and change have created tremendous complexity and redundancy in large enterprises. This complexity has become more transparent to the customer and so improving the customer experience and achieving true digital transformation requires significant changes to the business and Read more
I see the emphasis on managing customer experience accelerating. Some progress has already been made in the area of customer-centric measurement, largely due to an increasing emphasis on Big Data and process analytics. In 2013, more organizations will begin to understand that this calls for a shift in management attention to a more systemic view of business. Some organizations may begin to appreciate that overall performance for customers is dependent on what the organization measures, manages, and rewards and therefore requires a systemic view that pays attention not only to customer-focused metrics, but also to business models, governance, and reward systems. [Editor’s Note: This post is part of the annual “Cutter Predicts …” series.]
Why is it that in this new era of customer service automation technology have our customers become alienated and enraged instead of engaged? Why has rampant customer dissatisfaction become the new normal? “Rebooting” the customer experience is not about “rearranging deck chairs on the Titanic.” It’s an opportunity for us to re-envision how we can leverage technology to attract, service, satisfy and yes — perhaps even delight customers. The February 2011 Cutter IT Journal seeks to unveil the solutions to a better customer experience. Proposals of interest are due 2 December. To respond, please visit http://www.cutter.com/content-and-analysis/journals-and-reports/cutter-it-journal/callforpapers01.html