{"id":8215,"date":"2020-08-05T06:58:57","date_gmt":"2020-08-05T06:58:57","guid":{"rendered":"http:\/\/33t.efd.myftpupload.com\/?p=8215"},"modified":"2024-03-12T03:18:27","modified_gmt":"2024-03-12T03:18:27","slug":"what-can-insurers-do-to-overcome-challange","status":"publish","type":"post","link":"https:\/\/www.teqfocus.com\/devstaging\/blog\/what-can-insurers-do-to-overcome-challange\/","title":{"rendered":"What Can Insurers Do Right Now To Gain Trust and Connect With Customers"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<a href=\"\/\">Home<\/a> &gt; <a href=\"\/blog\/\">Blog<\/a> &gt; <strong class=\"breadcrumb_last\" aria-current=\"page\">What Can Insurers Do Right Now To Gain Trust and Connect With Customers<\/strong><br \/>\n[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;3\/4&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">This year hasn\u2019t been kind to us at all and subsequently, every industry is facing unforeseen challenges. Yes, needless to say, Covid-19 has had an unceasing impact on everyone. Simply put, the COVID-19 situation is fast-tracking the digital transformation decisions for all the companies including insurers. So, in these critical times, what can insurers do to instigate trust and connect with their customer? In this blog, we discuss the challenges and digital transformation strategies that insurers can utilize to win over their customers.<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">\n<p>Let\u2019s assess the situation first \u2013 According to\u00a0<a style=\"color: #112db0;\" href=\" partner\/salesforce-consulting-toronto-canada\/\"><strong>Salesforce<\/strong>,<\/a>\u00a0insurance-related stakeholders are:<\/p>\n<ul>\n<li>Wanting to be heard<\/li>\n<li>Placing value on a personal touch<\/li>\n<li>Concerned about annuity and variable life contracts<\/li>\n<li>Facing challenges for effective communication<\/li>\n<li>Witnessing overwhelmed advisors, support and compliance staffs<\/li>\n<li>Getting strained in manually intensive processes due to office closures<\/li>\n<li>Unclear about work-from-home policies<\/li>\n<\/ul>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/4&#8243;][tm_spacer size=&#8221;lg:20&#8243;][vc_cta h2=&#8221;What Can Insurers Do Right Now To Gain Trust and Connect With Customers&#8221; h2_font_container=&#8221;font_size:28|color:%23ffffff&#8221; h2_google_fonts=&#8221;font_family:Poppins%3A300%2Cregular%2C500%2C600%2C700|font_style:400%20regular%3A400%3Anormal&#8221; style=&#8221;custom&#8221; add_button=&#8221;bottom&#8221; btn_title=&#8221;Contact Us&#8221; btn_style=&#8221;custom&#8221; btn_custom_background=&#8221;#ffffff&#8221; btn_custom_text=&#8221;#000000&#8243; btn_shape=&#8221;square&#8221; btn_align=&#8221;center&#8221; use_custom_fonts_h2=&#8221;true&#8221; use_custom_fonts_h4=&#8221;true&#8221; btn_button_block=&#8221;true&#8221; btn_link=&#8221;url:https%3A%2F%2Fwww.teqfocus.com%2Fdevstaging%2Faws-well-architect-framework-review%2F|title:Best%20Salesforce%20Implementation%20%26%20Consulting%20Partners&#8221; custom_background=&#8221;#00abf0&#8243; custom_text=&#8221;#ffffff&#8221;]<\/p>\n<h5 style=\"color: white; font-size: 17px;\">In this blog, we discuss the challenges and digital transformation strategies that insurers can utilize to win over their customers.<\/h5>\n<p>[\/vc_cta][\/vc_column][\/vc_row][vc_row][vc_column][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">Government-imposed lockdowns and retroactive legislative mandates are impacting both insurers and policy holders. The leaders in the insurance industry need to deliver trust, transparency and convenience. And to ensure this, they need to adequately communicate with their customers. Here are how the policy changes transform the way insurers serve their customers \u2013<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">\n<ul>\n<li>Workforce compensation and similar coverages will continue to experience higher claim volumes.<\/li>\n<li>Travel policies: Low premium coverages such as travel policies will get affected due to the increase in significant expenses. Insurers like Allianz are now covering for coronavirus related delays or cancellations<\/li>\n<li>Life Insurance: Due to the widespread pandemic, life insurers will see a rise in long-term care, life and disability claims.<\/li>\n<li>Financial market situation: For insurers, volatility in the financial markets will impact investment income especially those who are life carriers with annuities and retirement products. Insurers should monitor their investment portfolios and consider diversifying if required.<\/li>\n<\/ul>\n<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">Now, we discuss the various challenges that insurers are facing and their respective strategies of digital transformation.<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][tm_heading custom_google_font=&#8221;&#8221; google_fonts=&#8221;font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221; font_size=&#8221;lg:28&#8243; css=&#8221;.vc_custom_1680094042795{margin-bottom: 20px !important;}&#8221;]Challenge 1:[\/tm_heading][vc_column_text]<\/p>\n<div class=\"blog_div\">Accommodating the increase in Online Stakeholders: One of the biggest challenges for insurers is \u2013 how to drive more effective connection with digital-savvy customers and those who are accustomed to online shopping. Simultaneously we need to consider how insurers can help agents and advisors boost their productivity in this digital age.<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">Digital Transformation Strategy: Upgrade legacy marketing and distribution systems with CRM systems like Salesforce.<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">Note: Beyond of 2020, nine out of 10 new life insurance sales are expected to be influenced by digital interaction activities such as \u2013<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">\n<ul>\n<li>Online searches to assess life insurance providers and advisers<\/li>\n<li>Comparison of price and coverage options.<\/li>\n<li>Application for a life insurance or annuity policy on an insurer\u2019s website.<\/li>\n<li>Others could look to take advantage of increasingly sophisticated Robo-advisory services.<\/li>\n<\/ul>\n<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][vc_column_text]<\/p>\n<div class=\"blog_div\">58% of Americans expect to use a Robo-adviser by 2025, while 71 per cent want access to such self-service technology along with human advice. Most companies still tend to direct lower-income investors to Robo-advisers for seamless operation and cost efficiency, while HNI clients tend to receive a high-touch, human experience.<\/div>\n<p>[\/vc_column_text][tm_heading custom_google_font=&#8221;&#8221; google_fonts=&#8221;font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221; font_size=&#8221;lg:28&#8243; css=&#8221;.vc_custom_1680094132495{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;]Challenge 2:[\/tm_heading][vc_column_text]<\/p>\n<div class=\"blog_div\">\n<p>Workforce Management: With the onset of a sudden WFH situation, insurers are finding it tough to manage their workforce.<br \/>\nDigital Transformation Strategies:<\/p>\n<ul>\n<li>Offer alternative staffing opportunities such as contract and freelance arrangements.<\/li>\n<li>Adopt digital transformation in business to alter the work-nature and talent-needs of the insurance industry. For example, in underwriting and claims processing, there is a growing demand for a workforce with higher-level skills such as analytics, AI, and other advanced technologies.<\/li>\n<\/ul>\n<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][tm_heading custom_google_font=&#8221;&#8221; google_fonts=&#8221;font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221; font_size=&#8221;lg:28&#8243; css=&#8221;.vc_custom_1680094144661{margin-bottom: 20px !important;}&#8221;]Challenge 3:[\/tm_heading][vc_column_text]<\/p>\n<div class=\"blog_div\">Cybersecurity: With great technological power comes a sizeable amount of cyber risk. Usage of upgraded technologies help insurers engage better with customers and enable new products and service capabilities, but they can also make it difficult to maintain the cybersecurity equilibrium. Insurers are also handling more data than ever before, thanks to all the mobile monitors, vastly expanding the digital treasures that the CISOs are called upon to secure.<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][tm_heading custom_google_font=&#8221;&#8221; google_fonts=&#8221;font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221; font_size=&#8221;lg:28&#8243; css=&#8221;.vc_custom_1680094151542{margin-bottom: 20px !important;}&#8221;]Challenge 4:[\/tm_heading][vc_column_text]<\/p>\n<div class=\"blog_div\">The Cloud \u2013 A Business Methodology: Insurers are finding it tough to manage their legacy\/modern\/on-premises systems.<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:20&#8243;][tm_heading custom_google_font=&#8221;&#8221; google_fonts=&#8221;font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221; font_size=&#8221;lg:28&#8243;]Digital Transformation Strategies:[\/tm_heading][vc_column_text]<\/p>\n<div class=\"blog_div\">\n<ul>\n<li>Insurers should evaluate the cloud as a platform for their modernized\/legacy core systems. The cloud is more than a destination for data and applications; it is a business methodology which enables transformation in core systems while providing the computing power and flexibility to integrate more advanced technologies, such as machine learning and AI.<\/li>\n<li>Hence, Cloud Computing Services such as Amazon Web Services (AWS) can provide them with added agility and flexibility to meet their future requirements. Insurers who may already be building on-premises solutions should look to upgrade delivery capabilities using AWS Cloud Consulting Services or similar solutions.<\/li>\n<li>Also, hosting selected core applications on the cloud could help insurers be better prepared to meet future business transformation needs.<\/li>\n<\/ul>\n<p>Thus, insurers are in the need for building customer-centric and end-to-end digital transformation strategies that are based on trust, transparency and convenience to deliver a unified customer experience across lines of business and functional silos.<\/p>\n<p>Now, let\u2019s have a look at how the insurance industry, in general, can use digital transformation strategies to overcome their challenges.<\/p>\n<ul>\n<li>Making customers digital-savvy. For example, with the use of mobile apps supported by Guidewire &amp;\u00a0<a style=\"color: #112db0;\" href=\" partner\/salesforce-consulting-toronto-canada\/\">Salesforce<\/a>\u00a0at the backend.<\/li>\n<li>Setup, streamline and automate online processes using chatbots for managing online claims while reducing data loss, call-centres\u2019 workload, and increasing the information exchange between the customer rep and the policyholder.<\/li>\n<li>Real-time communication to reduce risk, and customer grievances.<\/li>\n<\/ul>\n<p>To know more about how <a style=\"color: #112db0;\" href=\" services\/digital-transformation\/\">digital transformation<\/a> can be made easy, please contact us at : sales@teqfocus.com<\/p>\n<\/div>\n<p>[\/vc_column_text][tm_spacer size=&#8221;lg:30&#8243;][\/vc_column][\/vc_row][vc_row background_image=&#8221;8612&#8243;][vc_column][tm_spacer size=&#8221;lg:40&#8243;][tm_heading tag=&#8221;h4&#8243; custom_google_font=&#8221;&#8221; google_fonts=&#8221;font_family:Roboto%20Condensed%3A300%2C300italic%2Cregular%2Citalic%2C700%2C700italic|font_style:700%20bold%20regular%3A700%3Anormal&#8221; align=&#8221;center&#8221; text_color=&#8221;custom&#8221; custom_text_color=&#8221;#ffffff&#8221;]We\u2019d love to hear from you and discuss how we can help your organization![\/tm_heading][tm_spacer size=&#8221;lg:20&#8243;][vc_btn title=&#8221;Contact Us&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fwww.teqfocus.com%2Fdevstaging%2Fcontact-us%2F|title:Contact%20Us&#8221;][tm_spacer size=&#8221;lg:30&#8243;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>This year hasn\u2019t been kind to us at all and subsequently, every industry is facing unforeseen challenges. Yes, needless to<\/p>\n","protected":false},"author":19,"featured_media":8223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[210],"tags":[114,115,116,117,118],"class_list":["post-8215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-digitalstrategyforinsurancecompany","tag-digitaltransformationchallenges","tag-digitaltransformationstrategies","tag-insurancechallenges","tag-insuranceindustrychallenges"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts\/8215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/comments?post=8215"}],"version-history":[{"count":8,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts\/8215\/revisions"}],"predecessor-version":[{"id":24923,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/posts\/8215\/revisions\/24923"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/media\/8223"}],"wp:attachment":[{"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/media?parent=8215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/categories?post=8215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.teqfocus.com\/devstaging\/wp-json\/wp\/v2\/tags?post=8215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}