THE RISE OF THE DIGITAL ERA

FOR INSURERS

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Digital is:

Transforming insurer products and

services

Breaking down barriers for new

entrants

Impacting customer

engagement

Drivers of the Digital Era

With changing customer experience expectations and digital transformation projects on the rise, how should insurers move

forward with their customer-centric digital initiatives?

1. Customer-Driven Disruption

Where incumbents haven’t responded with better digital experiences, a host of insurance upstarts stand ready to take over.

Consumers have embraced digital touchpoints for a range of insurance activities.

2. New Digital Technologies

Digital is changing more than just insurer sales and service. This is starting to impact

the entire insurance value chain.

3. Digital Maturity Inflection Point

But, there are now big differences within the industry based on product line, distribution

model, and executive commitment to digital business transformation.

Insurers have ranked behind other industries in terms of digital maturity.

Focus on Driving Business ValueWith insurance digital leaders now outperforming

the laggards, it is clear that digital is important.

What is not as clear is how to best capture the value that digital promises.

A recent cross-industry survey of C-level executives found:

86% 40% see digital transfor-

mation will play a key role in their market

do not have a clear strategy in place for

digital transformation

What is the key to a winning strategy?

Fully embrace digital transformation, but do so in a manner and degree

that maximizes their unique business value.

Businesses must focus on how digital transformationdrives business value.

Recognize that digital can reshape every aspect of

the modern enterprise.

Translate digital to better, cheaper, more

customized products, faster service, and an improved customer

experience.

A Customer-Centric Perspectivehas Become Critical

For insurers, the customer has become a center of unique strategic value.

In their 2017 Insurer IT Spending and Priorities Research, advisory services firm SMA reveals that improving Customer Experience is

the #1 strategic initiative.

Further, insurer digital initiatives increasinglyaddress the entire customer lifecycle.

“For carriers with the resolve to see their business through the eyes of the customer, each interaction becomes a way to live up to their brand promise; functions come together in new ways across customer journeys;

and technology and digital become accelerators.”

— McKinsey & Company, TheGrowth Engine: Superior Customer Experience in Insurance

The Connected Digital Insurer

All while continuing their “in-flight” operations.

How can insurers achieve customer-centricity?

Leverage digital to improve customer-facing

applications

Integrate with back-end systems

Connect disparate customer data stored in

product-specific data silos

To improve customer experience, insurers need to:

What is the Right Path Forward?

The Appian’s low-code Digital Transformation Platform can help ensure that contextual information about the customer is always available at theprecise moment in time it is required.

Exposing this contextual information to users on a role-relevant basis via any channel provides the baseline to provide a consistent, overwhelminglypositive experience.

Data about the customer, combined with the actions relevant to the customer, puts the customer in context to the enterprise.

Take the Next StepWhen it comes to customer experience, the experts

conclude that digital will be critical to success.

But the path forward is not without risk.Digital transformation initiatives promise results,

yet McKinsey experts estimate that 70% of transformation programs fail.

Whatever the challenges, all agree transformation is a necessity for

the digital insurer.

“UNDERTAKING A DIGITAL TRANSFORMATION IS UNDOUBTEDLY CHALLENGING, ESPECIALLY SINCE INSURERS HAVE TO CARRY IT OUT WHILE MANAGING THEIR

EVERYDAY BUSINESS OPERATIONS EFFECTIVELY AS WELL.

BUT THE QUESTION IS NOT

‘DO WE HAVE THE APPETITE TO UNDERTAKE A DIGITAL TRANSFORMATION?’

BUT

‘CAN WE AFFORD NOT TO?’”

— McKinsey & Company, TheGrowth Engine: Superior Customer Experience in Insurance

Learn More

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