The Digital Age has forced many changes in how organizations do business; essentially, they must adapt to survive and thrive. For example, the rise of mobile device use means consumers now demand anytime, anywhere access to what they need, and a personalized experience that makes them feel empowered and important. On the business side, organizations must be able to take advantage of all the benefits that the cloud offers — cost savings, flexibility and scalability, in particular.
The modern technology platform that insurers need to remain competitive and differentiate their products is often tough to justify by traditional means. Guidewire authors share their insights on looking beyond the IT budget to justify the cost of your core system project and not letting the possibility of upfront sticker shock stop you from moving forward.
So, you’ve taken the leap – you’re modernizing the core systems of your insurance business, laying down the architecture and infrastructure to propel your business into the digital age. It’s a large-scale transformation project that will most likely take months of resources to complete. But when done, you’ll be set up for business in the digital age.
Smart Communications CEO, George Wright shares his perspective on transforming customer communications at the start of your core system transformation project to achieve the best possible customer experience improvements. "Customer experience is undoubtedly the new competitive battleground and integrated customer communications can set you apart from other insurers who miss out on the opportunity to replace legacy products during the project."
"That statement sums up what millennial small business owners know about insurance; in essence, not much. In a focus group we conducted to better understand the needs of this unique cohort, we heard this statement, as well as the amusing consensus of the group that older people must know more about insurance."
Curious about the views of the millennial small business owner towards online commercial insurance? Then this post is for you. Guidewire's Laura Drabik outline the three key takeaways from a focus group she led. Speed, simplicity, a guided journey and clarity of communication figured highly. This is the second in a series of three posts on millennial viewpoints towards insurance.