A ‘digital first’ narrative is sweeping across the insurance landscape, driven by a new generation of consumers, data, automation, and Artificial Intelligence (AI). GasanMamo Insurance looks at the top trends that are shaping the insurance industry and how digital technologies are driving irreversible change.
Customer centricity and customer experience (CX)
Customer centricity continues to hold top focus in 2022, as insurers continue to understand that they will not only need to meet customers where they are today but innovate to meet them in the future. In an age where customers expect everything to be available at the click of a button, the insurance industry is recognizing that there is an increased appetite for digital capabilities across many age groups.
Mobile apps and increased usage
Mobile applications have emerged as the game-changer for every industry, and the insurance sector is no exception. They help to increase efficiency, customer satisfaction, user engagement, and loyalty as well as allowing insurance companies to simplify complex processes and reduce paperwork. The most successful apps are straightforward and action-driven, quickly leading the customer to what they are there to accomplish without the need to bring in a human agent.
Cybersecurity
The sudden shift to remote working during the pandemic significantly increased the risks for customer service functions, raising data security concerns when handling personal customer data and taking payments over the phone. As the economy and financial systems become more digitized, cyberthreats – and the security measures needed to counter them – continue to grow. Insurers will need to continue to expand their cybersecurity capabilities to detect, prevent, and respond to attacks to mitigate risk.
AI, intelligent automation and robotics
AI and automation will profoundly impact and improve business outcomes in customer experience, cost optimization, operational efficiencies, market competitiveness and newer business models. This growth is driven by newer data channels, better data processing capabilities and advancements in AI algorithms. Intelligent automation and robotics technology are also critical tools that are enabling insurance companies to improve operational efficiencies while expanding capacity, increasing agility, and reducing costs.
Human touch and technology balance
No matter how much automation occurs, human touch will always be a necessary component of customer interaction, especially in an industry as nuanced as insurance. Insurers will need to focus on finding the balance between human touch and technology, using digitization to augment human capabilities so that customers still have choice with regard to how they communicate with their insurers.
Company culture and the right talent
Recruiting and retaining the right talent in an extremely competitive job market is fast becoming one of the biggest insurers challenges and will require a multi-faceted approach that addresses the work-life balance and the needs of a remote work force. Roles requiring technology skills top the talent crunch list: cloud engineering, data science, AI, software development and cybersecurity.
GasanMamo Insurance is one of Malta’s leading insurance providers, and has fully embraced a digital transformation strategy, with the aim of making the customer experience as seamless as possible. The recent launch of the clients’ portal which allows customers to pay and renew their insurance policies, entirely online, is simply the next step in GasanMamo’s digitisation journey.