Insurance: the 4 traps to avoid during your digital transformation

Do not establish a digital transformation strategy

To succeed in their project digital transformationinsurers must rely on a specific action plan. This long -term strategy must anticipate all the processes and tools to be deployed in the months and years to come. Their impact and relevance must also be assessed.

Indeed, it is counterproductive to initiate the digital transformation of a company If the measures put in place quickly become obsolete. The insurance company must therefore guarantee its agility and adaptability in the future, by choosing suitable tools.

To build this roadmap, it is also essential to have well -defined objectives. In other words, we must list the different needs to which the digital transition must answer and explain how it is an adequate solution.

After having set achieveable and measurable objectives, it is necessary to determine the actions to be implemented to achieve them, as well as the necessary resources (whether human or financial). Employees involved in Digital transition must also be appointed.

Neglect the customer experience

In the field of insurance, the digital transformation Can be motivated by various reasons: rationalizing operations, automating processes, reducing costs … However, it should never be lost by view that the purpose of this approach is to offer services always more suited to customer needs.

According to a study by EY firm, digital channels are favored by 45 % of consumers to contact an insurer: website, mobile application, chatbot, etc. The development of a personalized and multi -care customer experience is therefore a priority to multiply contact with potential customers, but also support them during a crucial step in the purchasing course: the subscription of a contract.

Digital transition In particular involves the implementation of an optimized conversion funnel, making it possible to collect a maximum of information and quickly establish a contract adapted to the needs of each customer. Digital also makes it possible to avoid paper approaches, often discouraging, by favoring for example electronic signature.

However, this requires an excellent knowledge of customers, in order to respond precisely to their expectations. The use of customer relations management software (CRM) is therefore essential to better manage all marketing and commercial actions. Analysis of the prospects recorded in the contact base makes it possible, for example, to send them personalized offers and thus to increase the subscription rate.

Underestimate the importance of Big Data

The data has long been at the heart of the activity of insurers, which exploit it to assess risks, build statistics on claims or to fight against fraud. However, the project Digital insurance transformation implies the integration of new data sources, always richer and large.

First, these are data related to customer behavior on the Internet, making it possible to determine their preferences, their needs or their habits. Connected objects, such as houses or vehicles, also constitute a source of data of great diversity, which can be used by insurance companies.

In the end, Big Data is a way for insurers to better understand their customers, which allows you to meet the challenges related to the customer experience. Thus, data collection and analysis are essential to launch targeted marketing campaigns, offer tailor -made offers, but also establish more specific risk profiles.

This new deal raises a major problem: that of the protection of personal data. Indeed, the analysis of the data carries in the majority of cases on this type of eminently sensitive data. The development of Big Data is therefore accompanied by a constant hardening of regulations in this area, like the General Data Protection Regulations (GDPR) in Europe. Respect for the privacy of customers must therefore be the subject of particular attention.

Do not prepare the teams for digital transformation

Contrary to what one might think, Digitalization of insurance Will not only be made with great shots of artificial intelligence, Data Lake and other technologies. On the contrary, humans have a central role to play in this major project.

Starting with the employees of the insurance company, who are the first concerned by the digital transition. Indeed, the latter leads to profound changes in their processes, their tools and their work processes. It is therefore essential to anticipate and support change to avoid general reluctance, which could result in a drop in productivity or a deterioration in the social climate.

The first thing to do is simply to inform about the digitalization of insurance, explaining why it is necessary, what are its objectives and what is its impact on employees. Support changeit is also listening, by remaining open to the suggestions and remarks of the teams.

Finally, it may be wise to set up training systems to help employees take charge of new collaborative tools and acquire the new skills they need to use them.