New technologies. New players. New products. New business models. The clamor of disruption is loud in our ears, but seeing a clear path for adapting to change and implementing new technologies to support change is hard. In their urgency, are insurers force-fitting disruption on old operating models and systems?
It has been a perennial topic. Much has been said and copious ink spilt on the suite vs best-of-breed core system debate. Adding to it, I recently participated in a webinar hosted by Insurance Networking News entitled “Have Suites Won the Policy Admin War?” It reviewed the pros and cons of implementing full suite core systems vs integrating various best-of-breed solutions. But this time I found it hard to repress the thought: “Why are we still talking about this? The war is indeed over. “
This year’s Toronto ICTC event was ablaze with early spring optimism as the snow melted outside. The Insurance-Canada.ca team put together a very forward-thinking agenda with the theme of “The Digital Customer Experience.” It brought to town insurance experts and executives ready to explore a broad array of trend topics from geospatial risk management, cyber risk, social data analysis, and telematics to connected home, connected car, and omnichannel solutions.
“I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”―Maya Angelou
“Customer intimacy” might be the latest catchphrase in customer experience, but I wonder how policyholders really feel about being more intimate with their insurance company. How close do they really want to be? If customer intimacy provides a feeling of comfort, of being taken care of, of being treated consistently—as a numero uno—then I suspect most policyholders would fully embrace the concept. And if the carrier can truly deliver on that promise, then you basically have a match made in heaven. Indeed, loyal customers have up to three times the net promoter value of passive customers.