The insurance market thrives on expertise, but it often struggles due to disconnected systems and outdated manual processes that hinder insurance efficiency. For example: - Underwriters are spending more time managing emails and PDFs instead of evaluating risk effectively. - Critical data is often buried in documents, which forces teams to rekey the same information repeatedly, reducing overall productivity. - With systems that don’t integrate, workflows and collaboration suffer. - Quoting, responding, and renewing policies take longer than necessary, impacting the insurance value chain. - As inefficiency becomes the norm, customers are left waiting — or worse, they walk away.
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 has increased for customers and talent; this 'accessible world' presents both an opportunity and a risk, as competition for business and talent rises, particularly in the realm of digital insurance solutions. Culture and operating models are evolving due to a distributed workforce, and we must discover ways to enhance insurance efficiency, enabling our teams to survive and thrive in this new environment. Additionally, customer sophistication and demand necessitate that we are always accessible, support self-service, and provide flexibility and interoperability throughout the insurance value chain.
STAKEHOLDER EXPECTATIONS HAVE INCREASED MARKEDLY IN TERMS OF:
Speed and Responsiveness - accessing support, documents, and account information is essential for effective digital insurance solutions. The Ability To Self-Serve - for example, policy amendments, loss notification, and tracking claim progress enhance insurance efficiency. 24/7 Access - supporting the entire insurance value chain processes, not just policy purchases. Omnichannel - enabling users to switch channels mid-process, such as filing a First Notice of Loss (FNOL) via the app and receiving claims support (voice, image, video) through a website or mobile device. Personalisation - empowering users to control content, process, and channel while reaching a wider audience. Multidirectional engagement: Creating a more personal and interactive experience rather than just a service the consumer has to find.