No. 1: Take a walk in your customer’s shoes
Carriers’ previous focus on system maintenance has netted them one significant outcome: increased internal and back-end efficiencies. Unfortunately, in today’s digital world where customers can purchase food, clothing and other household goods at the click of a button but can’t yet do the same with insurance, these new carrier efficiencies do nothing to solve high-friction customer pain points.
As a result, companies like Trov, Metromile and Lemonade have seized on this opening and begun to build in-roads with customers by leveraging big data, artificial intelligence and machine learning
to streamline the user experience and offer customized products that meet the needs of their individual customers. In order to remain competitive, not to mention relevant, carriers will need to do a better job of leveraging similar technologies to solve front-end challenges. Carriers can start this process by conducting a holistic review of all client-facing interactions and subsequently identifying those that result in the most friction. Not only will this process help make a carrier’s technology transformation feel more manageable (starting piece-by-piece is often easier than jumping in head first), but it will also yield the most significant ROI.
The journey begins today
A company’s technology transformation cannot happen overnight. In fact, it can take years before the benefits are fully realized. What’s important, however, is that carriers take the necessary first steps for embracing big data, artificial intelligence and machine learning today. How will you get started?