We witnessed a change in how we do business, becoming more evident as organizations operate under the hybrid working model.
For instance, we have witnessed several long-held beliefs being challenged as a result of working in a new hybrid working world, including:
- The assumption of unrestricted movement
- The requirement for all business transactions to occur in person
- The belief that our workforce must be physically located together to be productive
- The acceptance of inefficiency as a necessary part of the insurance business and technology is not for the customer-facing interactions.
Organisations need to respond to an increasing number of macro factors, for example:
- Environmental - Social and Governance aspects require greater transparency and accountability for our impact on the ecosystem.
- Access to the marketplace - customers and talent have increased; this “accessible world” is both an opportunity and a risk with greater competition for business and talent.
- Culture and Operating Models - are changing due to a distributed workforce. We must find ways to help our teams survive and thrive in this new environment.
- Customer sophistication and demand - require us always to be accessible, support self-service, and provide flexibility and interoperability.
STAKEHOLDER EXPECTATIONS HAVE INCREASED MARKEDLY IN TERMS OF:
- Speed and Responsiveness - accessing support, documents, and account information.
- The Ability To Self-Serve - for example, policy amendments, loss notification, to track claim progress
- 24/7 Access - Supporting the entire value chain processes, not just policy purchases.
- Omnichannel - Supporting switching channels mid-process, such as filing a First Notice of Loss (FNOL) via the app and receiving claims support (voice, image, video) via a website or mobile device.
- Personalisation - The ability to control content, process, and channel and reach a wider audience.
- Multidirectional engagement: Creating a more personal and interactive experience rather than just a service the consumer has to find.