Technological transformation in the insurance industry
Imagine a day when your business is entirely virtual with no need for physical office space. Yes, some organizations have already adopted this model. But many haven’t, and we want to create that possibility for everyone.
We confess that our own industry in particular has experienced challenges with adapting and transforming to this new world. Now, many companies would like to think they have a strong digital strategy, but what we have in mind goes way beyond that. So what does an online only business look like?
We have a vision of the future that we refer to as “running the company from a beach.” Forget business as usual-this isn’t your grandpa’s digital strategy. You could be sipping a margarita in the tropics, whip out your phone and have access to all your company’s information through an app.
This app will show your organization’s performance, track sales, various data analytics and so on. It will make a vast amount of data about your company easy to access and digest in a clean, simple dashboard.
Your staff will have access to this dashboard, meaning they can work from anywhere. This is the way of the future: you’ll be meeting once a year for your board retreat, quarterly planning sessions and that’s it.
How does this digital strategy occur to customers? First, your intuitive website will connect customers with the right product for their needs. They can conveniently access all the pricing and features on the same page. Chatbots and Artificial Intelligence (AI) programs will guide their purchase and answer their questions in real time.
In fact, some bots can predict your customers’ questions based on the sections they visit on your website and the selections they make on your webpages.
Next, customers can scan all necessary documents for your AI systems to process. They can even send photos from their mobile devices. All the information from the customers’ documents moves quickly and securely to your company’s internal data storage and systems where staff can readily access it.
Obviously, customer privacy and cyber security become more important the more digital innovations we implement. We must safeguard our customers’ data and protect it from hackers.
Operating this way will help organizations be very agile and cover more ground (literally and figuratively).
For our part, we have already equipped our staff with an app for their smartphones that connects with our other systems so that they can make calls and sales on the go.
And this is just the start: there is much more in the pipeline. We will be sure to keep you posted on all our latest developments. So stick around because the best is yet to come.