Tag: industry

Alex Zukerman is Chief Strategy Officer at Sapiens, empowering insurers with digital software platforms, solutions and services.

There’s a reason why companies mold their business around their customers. Around 84% of consumers feel that the experience a company delivers—including value, personalization and transparency—is just as important as the goods and services it sells. Traditional insurers, however, tend to struggle with the customer experience (CX).

For decades, the insurance sector has engaged with policyholders the old-fashioned way—agent phone calls, snail mail and page after page of paperwork. In retrospect, the ingrained inner workings of the industry—a product of time—now stick out like a sore thumb, especially in this digital age.

With technologies advancing and consumer expectations rising, modern market forces are compelling the industry to compose a new symphony of engagement—where a company’s interactions foster strong B2C relationships, experiences and loyalty. In the realm of insurance, seamless communication between insurers, intermediaries and policyholders across multiple digital platforms and touchpoints is now the benchmark for robust engagement.

Beyond fixating on the “latest” technologies, insurers can transform their CX by facilitating a customer interface that enhances and diversifies engagement strategies. Old engagement habits die hard, but the rapidly evolving digital consumer landscape that now surrounds insurers necessitates a two-part reevaluation.

Step 1: Reinvent Distribution

Insurers’ first course of action should be to reconfigure distribution approaches to insurance offerings. The reality is that more and more consumers are leveraging mobile apps and websites to search for and access insurance content. Therefore, traditional insurers have an opportunity to meet customers on the digital channels they already use. This means adopting omnichannel approaches and embedded insurance models that meet customers in their preferred areas using their preferred methods at times that are most suitable.

The gradual integration of IoT technologies and AI products like