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Wednesday, May 30, 2018

Opinion 10 essential actions for digital success | Digital Insurance

Insurers have to manage the process carefully to get the most out of transformation efforts, as Deborah Smallwood reports. 
Photo: Pexels

Becoming a digital insurer is an essential requirement for being competitive in insurance today – but even more so for the future. Your digital strategy becomes the framework from which to leverage all other transformational initiatives, not only for the customer experience but for the employee and operational experiences as well. This process requires clarity on priorities, focus, and mindset to determine the path, the sequence, and the right investments to reach the ultimate goal – going beyond a digital experience to transformation.

Our research shows us that while no single insurer is doing everything, every insurer is doing something, and some are doing more than others. So, how do you ensure you are doing the right things at the right times and in the right sequence? The following is a list the ten essential actions required for success as you develop and execute your digital strategy:
  1. Understand Digital as a New Lens: Digital strategy touches aspects of all strategies – business, technology, and operational plans as well – consider it a new lens for clarity about the possibilities and linkage to strategies and plans.
  2. Obtain Executive Sponsorship:Given the transformational potential, digital requires buy-in from the top – the CEO/Board level – to set the tone, priority, urgency, and funding to create the company’s new value proposition.
  3. Assign a Champion: Create a new position for one executive with the vision, the power, and the resources to champion your company’s digital transformation strategy. This role cuts across the enterprise, not just business or IT.
  4. Be Clear on the Definition: Define a consistent and comprehensive definition of “Digital” across the company and recognize that there is a difference between digital and the customer experience. It’s essential to establish clarity on “what it is” and “what it is not.”
  5. Solicit Input: Ignite the synergy by gaining input and insights from the customers – policyholders, agents, brokers – and employees as well. Set new experience standards and guidelines, leverage journey mapping, develop personas, and create service blueprints.

Source: Digital Insurance