The Future of Insurance is Omni-Channel

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The Future of Insurance is Omni-Channel

The Future of Insurance is Omni-Channel by Nick Ford

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In my previous posts I discussed how to create a better experience by first creating self-service portals, and then layering in cognitive services and AI for more insight on your customers. As you continue to define the desired end state for the best customer experiences, you need to consider making your products available on multiple channels. When thinking omni-channel, it is important to think about the best ways to reach your customers with these new experiences. Insurance isn’t one size fits all.

56% of customers say mobile is an important channel for insurers to have.

Two-thirds of insurers are increasing investments in mobile, but the question remains whether insurers are using mobile capabilities for the right products and services. Not all scenarios are built for mobile interaction. For example, 56 percent of customers say mobile is an important channel for insurers to have; however, those same customers do not want to use mobile for certain core processes, such as claims, where the top channel preference is still the telephone.

Nigel Walsh, Partner at Deloitte, explains it best: “If I’m a 19-year-old customer, the last thing I want to do when I have a claim is to fiddle with an insurer’s app. When I’ve had an accident, I’m upset and I want to talk to someone. Insurance is also complex, which makes it difficult to apply what other industries do with their product on mobile. Insurance is simply different than buying something on Amazon.”

By leveraging the new technologies like AI, RPA, Machine Learning and other cognitive services, organizations can better understand their customers. This information can be used to develop distribution systems that are more personal and appealing for customers and more rewarding for agents and partners.

QuickCover, a new digital product that allows customers to purchase life insurance in less than five minutes.

LV= is one insurer that has begun moving to an omni-channel distribution model to increase customer loyalty. Their launch of QuickCover, a new digital product that allows customers to purchase life insurance in less than five minutes, was designed to deliver an end-to-end mobile experience and took just three weeks to deliver.

Build it once and deploy on any channel

Omni-channel development is crucial to ensure you are reaching your customers everywhere they are, as well as reaching them on the right channel at the right time and circumstance. But in order to do this efficiently, you should choose a low code platform that enables you to build it once and deploy on any channel. Here are the reasons why:

1. Avoid added costs and resources

By building the app once and deploying on multiple channels, you will avoid the added costs and resources of building it many times for different channels. This is time and money wasted, or takes resources you may not have.

2. Eliminate complexity

Another thing to think about when building an app is that every multi-channel app has to integrate with back end systems. With a low code platform, the integration is done visually, without writing code, to eliminate the complexity.

3. Enable rapid experimentation

If you have multiple code bases supporting one app on different channels you lose agility and the ability to rapidly experiment.

4. Create greater efficiency

When thinking omni-channel, it’s not just how your customers will be interacting with your app, but also your employees or third party agents. With a low code platform, you can build one app for multiple channels and for multiple types of users, with the ability to serve different user experiences based on the user’s role.

Insurance companies need the right set of tools and processes to enable a customer-centric, omni-channel business. Using low-code, model-driven development platforms enable business and IT to create a common language to allow for greater collaboration, faster experimentation, and deployment across multiple channels.

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Author Info

Nick Ford