The new insurance normal means organizations must adapt to new customer expectations but also enable employees to work remotely. But in our industry, there is a tendency to follow legacy as-is operational processes rather than think about new ways to cater to a digital customer journey, expand distribution channels, enhance relationships, and optimize the value proposition and profitability. Legacy thinking is driving decisions rather than customer needs.
From contingency Brexit plans, to the emergence ofnon insurance players, 2019 has been another disruptive and exciting year for the insurance industry. Here, the Novidea team takes a look back over the last 12 months to share their key takeaways.
Brokers are missing out on operational efficiency, the ability to base business decisions on fact, visibility and transparency across the entire business, and antiquated technology is not making it any easier.
The tech age were living in provides us with 24/7 access to all the services we need. As a result, customers have come to expect immediate gratification in every walk of life: there are smartphone apps for everything you can think of, Amazon Prime delivers groceries to your door within two hours of ordering, and you can have instant access to customer support, regardless of time or location.
In a previous article, we explored the implications for GDPR on distributors and noted that rather than considering data protection a burden, forward-thinking firms think of it as an opportunity. Continue reading “Shifting Insurance Distribution Models: How Intermediaries Should Respond”
For years already data has been a buzzword in the insurance industry, but only recently has the availability & accessibility of policyholder data begun to actually change how the industry operates. Continue reading “Long-term Benefits of Data & the Use of Insurance Analytics”