Key ingredients of a successful P/C insurance Digital transformation journey

At the 2016 IASA conference, held in San Antonio, Texas - Novarica, Erie Insurance and ValueMomentum collaborated to present a session titled Digital Journey: From Strategy to Implementation. Siva Pillai, Client Partner, ValueMomentum, who was one of the panelists in the session shared his experience in digital transformation from an IT practitioner’s perspective. In his presentation, Siva identified the key capabilities that P&C carriers should focus on before they embark on their digital journey, and the key considerations before investing in a digital platform.

Key Drivers of a Digital Strategy

Sharing the recipe for a successful digital transformation by P&C carriers, Siva stated that the key ingredients of an effective digital strategy are: Engage, Enrich and Leverage. According to Siva, carriers must engage their customers and agents whenever and wherever they choose to engage. Carriers can achieve this by leveraging a software platform that would enable them to seamlessly integrate all channels and devices of communication prevalent today and also the ones coming in the future. 

Siva emphasized that carriers have to focus on enriching the experiences at the front-end while building the journey maps for customers and agents, and create these experiences in a way that it is simple to follow, natural, and guided, so that customer/agents need not seek additional help.

Lastly, carriers need to leverage their core assets as significant investments have gone into building the policy, claims, billing and rating systems as they are key and core to carriers’ business. However, the core system processes are usually more disciplined and rigid compared to the processes at the front-end systems.


Digitally engage customer and agents

The current generation of customers expect services from their carriers whenever and wherever they want. They are not ready to wait until the next regular business hour to get their services delivered. Besides, the ever growing number of communication channels and connected devices (Internet of Things), makes it incredibly challenging for carriers to have all of them enabled and integrated. Carriers need to consider not only channels/devices that are present today, but also keep the doors open for the ones coming in the future. This implies that carriers have to leverage a platform that would allow them to seamlessly integrate channels/devices of today and tomorrow with ease, at faster paces, and within limited budgets.

Enrich engagements with uniform and rich experiences

Customers should be exposed to uniform experiences every time they interact with carriers irrespective of the customer’s channel of choice. Fragmented and inconsistent communication may lead to customer dissatisfaction and eventually to loss of customer. Carriers need to make their agents super heroes, trusted advisors and somebody who knows and cares about customers to enrich their experiences with every interaction. To achieve this, agents need to be empowered digitally to have information available at their fingertips as and when they want to serve customers.

Leverage core application and data

Not many changes have happened to carriers’ rigid core systems processes. To provide the enriching experience at the front-end, carriers need to have a more flexible and fluidic system. Carriers cannot tie these front-end processes strongly back to their core system capabilities. Therefore, it’s important to have an architectural component in the carriers’ platform that would allow them to separate the fluidity in the front-end to the rigidity at the back-end core system. The separation of the front-end or presentation layer from the core system capabilities is a critical implication for carriers to achieve digital success.

To sum it up, carriers need to invest in a digital platform, which would enable them to create a gateway and architecture to control the customer journeys and experiences. They should not have the core policy, billing, rating systems dictate these customer journeys and experiences - a critical architectural implication for successful digital transformation.

You can watch Siva Pillai, Client Partner, ValueMomentum sharing the key capabilities that P&C carriers should focus on as they embark on a Digital journey, by playing the below video:



If you are inspired by the takeaways of the post and want to learn more, click below to watch the complete recording of Siva Pillai speaking during the session. 



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