Insurance companies should prioritize technologies that are easy-to-use to create seamless workflows for employees and enhanced experiences for customers. (Photo: Shutterstock)The insurance sector continues to be a tech laggard — even as customer demand for digital services grows and digital transformation efforts in other industries have accelerated. According to Boston Consulting Group’s Annual Digital Acceleration Index, a tool to measure companies’ digital maturity, insurance scored an average of 47 out of 100, 14.5% lower than the average DAI score of 55.
Customers have come to expect a more seamless digital experience when interacting with companies. In fact, according to McKinsey, there is a 20% increase in customers’ preference for contactless operations. Insurance companies simply cannot afford to be tech laggards any longer, or they risk being disrupted by digital-first competition that will easily acquire their existing customer base.
Without digital solutions, insurance companies are plagued with clunky, legacy systems and processes that not only frustrate customers and inhibit their ability to be digitally agile but also create tedious and repetitive work for their employees. Insurance leaders must realize that they can’t delay digital adoption and have to rethink how teams communicate and collaborate to drive increased value to their customers.
Companies should prioritize technologies that are easy-to-use to create seamless workflows for employees and enhanced experiences for customers. This will help insurance companies meet customers where they are today with convenient digital services.
Simplify data collection for your employees and customers
By going paperless and digitizing the data collection process, insurance teams can save precious time spent on physical forms and endless paperwork. As insurance paperwork needs to be entered into the system manually, there is an increased chance of errors or inaccuracy, which can lead to internal delays in approvals. As such, low- and no-code data collection and management tools can help employees become more productive and provide a better overall customer experience. Especially as we start to see an influx of Gen Z talent entering the sector, the adoption of digital, user-friendly solutions becomes a necessity.
With these tools, generating standardized documents and using online forms, quotes, policies, and claims can be approved in shorter time frames helping to bolster customer satisfaction. What’s more, with eSignature capabilities, these tools can also securely collect customer signatures and share them with the insurance team in a matter of minutes.
Improve efficiency for your team and business
With automated workflows, thanks to low-code and no-code solutions, internal hurdles and bottlenecks are easily minimized as multiple team members are able to review, edit, and approve documents and forms. It’s also much easier to collaborate with coworkers on submissions and feedback in order to expedite customer requests and increase retention and loyalty for the business.
These tools can also use intuitive logic and routing to ensure the security and control of insurance data. This means that any sensitive data is only available to specific employees with whom the form or document has been shared with across the organization and is also encrypted to ensure data security and compliance.
Empower your employees
Using low-code and no-code tools, employees are empowered to be their own problem-solvers when it comes to making critical changes to their workflow and/or the customer experience. Employees are able to build or enhance applications that streamline, automate, and improve their day-to-day operations without spending years learning how to code. This means that they don’t need to wait on IT teams to make necessary updates as the no-code tool is so intuitive and easy-to-use that they can do it themselves. Empowered employees also have greater mindshare to take on more strategic initiatives to help improve the overall customer experience and bolster the bottom line as companies scale.
Digital transformation in the insurance sector is reshaping the future of how this entire industry works by moving away from historically inept processes to become more nimble and agile. With robust low-code and no-code solutions, insurers can better personalize the insurance journey for customers and drive more efficient workflows across teams. This ensures that companies in this sector are flexible to meet changing customer demands and stay ahead of the competition.
It’s time for insurance companies to shake off the ‘tech laggard’ persona and embrace a digital future that optimizes all areas of their operations, attracts new generational talents accustomed to digital technology use, and meets evolving customer demands. As low-code and no-code technologies continue to see more widespread adoption, it will be interesting to uncover the new opportunities and use cases they present to the insurance sector as it continues growing well into the future.
Kathryn Loheide is SVP of marketing at Formstack, a workplace productivity platform used by over 27,000 organizations worldwide to digitize what matters, automate workflows, and fix processes — all without code. At Formstack, Kathryn leads customer acquisition and growth, while creating brand advocates among customers, partners and employees. Connect with Kathryn on LinkedIn or by email at [email protected]. The opinions expressed here are the author’s own.
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October 27, 2020 at 05:30PM
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How low- and no-code solutions drive successful digital transformation - PropertyCasualty360
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