Digital Transformation: 8 Best Practices for Insurers

Alexey Utkin, Senior Vice President of the Finance Practice at DataArt, explores digital transformation in the context of insurance and shares eight best practices withPropertyCasualty360.  

"What does it mean to become a digital insurer?... It is not moving insurance products online. In fact, it is not so much to do with products at all. Customer mentality is shifting toward consuming on-demand services, such as insurance for exactly six days of a skiing holiday or coverage for a favorite custom mountain bike. To become a digital insurer is to redefine the vision in terms of the kind of service, experience and a relationship the company is able to offer consumers. A single interaction/touch point mindset (selling a policy and hoping that nothing will happen) must become a relationship mentality. The value proposition should evolve from simple indemnity to prevention, education and continuous support.

Insurance offerings have to become simpler and easier to understand. Insurance companies have to enable consumers to manage services easily, give their offerings a flexible and modular structure so customers can construct their own policies, and then interact with those products by trying them out, changing them or terminating them as needed.

Furthermore, a new competence for a digital insurer is to expand its use of data from solely underwriting purposes to using the data to personalize all aspects of client interactions throughout the entire value chain, including marketing and sales, claims, product as well as for operational innovation."

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