Do you think that combining human capital and technology would make possible a perfect formula to contribute to insurers? The truth is that not only is it enough to have modern systems, but true innovation starts from the union between technology and people.
We have already seen in other of our specialized articles, how technology contributes so much since its appearance, in fact one of the most prominent turning points was this year when Covid-19 appeared, which would cause the way many insurers operate be subjected to a new abrupt paradigm.
Currently and for several years, the requirements of customers to purchase insurance have been very changing, for this reason insurance companies have had to take a step back to reinvent themselves, seeing the mistakes made and thinking about how they can play an important future role in the lives of old and new customers to meet their needs.
So that the insurance industry can reach and stay in the «Top of mind» of its clients (it refers to the brand or product that first appears in the mind of the consumer when thinking about a specific industry), and be able to succeed in the future You will need to consider three important points, which Duck Creek Technologies revealed in one of their recent research: «How do you get a great product?»
1. Establish the basis for growth: insurance companies that are considered providers of stability, financial opportunities and security (especially with regard to emerging economies), should have a more established role in establishing trust and infrastructure for continued growth.
2. Eliminate immobility: having a security entity is something that provides tranquility and strength, especially when you have the idea of growing more as a business. When insurers begin to define themselves as a network that offers security, they can help other companies to overcome immobility by acting as partners so that other industries can be ambitious and offer more innovative and customer-friendly products and services.
3. Play a more active role: Insurance companies have long been issuing silent contracts that only enter the game when a claim has occurred. In an increasingly updated and intelligent world, the insurance industry must play a more active role in maintaining the safety and well-being of its policyholders. If insurers can be proactive, they will not only reduce the pain of loss, but also promote safer and healthier societies.
An addition that you must take into consideration is that if the insurer wants to stay or reach the Top mind, it must know its audience, offer quality products and services, transmit credibility, be present on a daily basis.
There are many «lame legs» in insurance companies and they go hand in hand with the previous points, that is why implementing technology and real action plans is relevant and the best idea to get out of the comfort zone and be able to satisfy the needs demanded by our policyholders. Get to know LISA and find out how we offer value so that the insurance industry gets out of its traditionality.