It’s a Matter of Convenience
Sapiens Three Cs Blog Article Series– Consistency, Control and Convenience
There’s no question about it: COVID-19 has changed the way we buy things. In fact, one positive impact of COVID-19 it is that it accelerated convenience and made shopping a whole new, digital experience.
Personally I still prefer to visit actual brick and mortar stores to shop for clothing. Call me old fashioned, but I like to try things on, see how well they fit, feel the fabric and walk out with my hands full of colorful shopping bags. This beats any online experience for me.
COVID-19 has finally made it possible for us to juggle even more things on a daily basis, efficiently. Clothing notwithstanding, I find myself choosing the convenience of online shopping over the time investment of in-person shopping, compounded by traffic and parking hassles.
Crossing the Bridge to Digitalization
Convenience is a priority for all of us, and COVID-19 taught us to discern the best online services, which ones offer free delivery, great customer service, easy returns, and so forth.
Even banks, traditionally exceedingly conservative and slow to change compared to retail, have upgraded their digital platforms to allow their customers a tremendous range of banking activities, from the comfort and convenience of their mobile phones.
Yes, almost everyone has crossed the digitalization bridge. However, when it comes to the insurance market, the consumer having access to relevant data and having everything clearly laid out makes it seem like we are still on our way.
As an employee at an insurance software provider I never cease to be impressed by the business complexity and detailed information, the underwriting rules, claim recovery process, accounting considerations, and much more.
Yes, the insurance market has come a long way, but it certainly has not fully crossed the digitalization bridge yet. I would say we’re somewhere in the middle.
For an insurance provider, digital transformation would mean not having to depend on manual processes and supporting spreadsheets. Having a digital platform with the relevant functionalities, including support for complex risk management and reinsurance, is of the utmost importance for achieving accurate and hands-free mission-critical processes.
It’s a Matter of Convenience
What offerings must an insurance platform provide for it to be convenient? First and foremost, it needs to be able to handle complexity. How?
- It must be able to interface with various elements and systems including integration of third-party systems throughout the insurance ecosystem.
- It must remain intuitive, user-friendly and agile by offering one-click access to key features and enabling build-out and changes via simple configurations rather than coding.
- It must be cloud-first for a centralized approach where regulations and updates are quickly implemented across the system, and scalability is easy. Where real-time view is basic.
- Calculations are made automatically, and tedious spreadsheets are no longer the foundation of everything.
- Rule-driven workflow to streamline complex processes.
- With a centralized approach, third-party interface and automated calculation to make the decision-making process enhanced and clear.
- Pre-configured reports, dashboards, data analytics at granular level (rather than general summaries) to enable a more proactive approach.
These are just a few steps that insurers must take to become more convenient for their customers.
Read more about how to use digitalization to increase insurance customers’ engagement.