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ITA Pro Weekly, May 31, 2019

Thinking outside-in, flipping the lens on the customer experience, and more features and news from the ITA.

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An "Outside-In" Approach to the Customer Conversation

The traditional insurance business model has been in place for more than 150 years. Its evolution has been marked by gradual increases in complexity and refinement. But over the last few years, the industry has seen a significant shift that has forced us to rethink traditional paradigms.

The disruptor? An influx of startups that are commonly referred to as insurtech. These small, entrepreneurial companies that span the insurance value chain are rapidly gaining momentum — and applying market pressures that are rocking the industry.

These startups are reinventing user experience and changing the way we think of the customer journey within the insurance industry. They are disrupting the entire insurance value chain, from initial discovery to point-of-sale to customer service.


8 Actions to Flip the Lens to Customer Experience

In today’s digital, connected world, customer demands and expectations have changed significantly, and there is no going back. The long and short of it: the customer is undeniably in control. The bar has been forever raised, and customers demand convenience, ease, and speed — whether it’s with a retail store, a bank, or an insurer. The customer expects a consistent experience across all interactions – whether those interactions are taking place on a self-service portal, a mobile device, the customer is picking up the phone,
or engaging face to face.

To look at the Customer Experience (CX), insurers must start by defining the customer. For an insurer, the definition is complex. Every insurer has more than one type of customer: agents, policyholders, claimants, injured workers, and even internal customers. The journey is also involved — with multifaceted relationships, multiple locations, challenging needs, a variety of insurance product lines, and various ways to interact through different touch points. There are even more complexities from the customer’s point of view. Simply trying to understand insurance can be a challenge; a small business owner may not know much about the insurance business, the regulations, and the terminology.


Breaking News from the Insurance Industry
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