Has Insurance Innovation Buried the Lede? Experts Weigh In
Digital tools. Platforms, portals and panels. Insurance “innovation” takes many forms, but how much actually benefits customers?
COVID-19 accelerated the industry’s move towards tech-enablement and digital adoption. As the industry rises to meet expectations of investors, internal leadership and other stakeholders, it is imperative that customers be the central focus.
The central question: has insurance innovation buried the lede, and how can the industry re-focus?
“Human intelligence” – trust, empathy and relationships – is often the difference between a satisfied or dissatisfied customer. Acrisure had a major presence at InsureTech Connect 2021, the world’s premier insurance technology event, where we discussed the role of people in this journey. There, we gathered attendees’ insights and views on insurance, technology and everything in between. A few notable takeaways:
• Respondents noted that when devising a tech strategy, companies should focus on “improving relationships and communication” with employees and customers, and therefore improving the customer experience, in addition to “using technology to create new products and reach new customers.”
• Overwhelmingly, respondents named “new distribution models” as the trend/item that will most impact the insurance industry in the next five years.
• A large percentage of respondents said that one of their biggest pain points is that “their solutions are not designed for the customer in mind,” making it “hard to use and understand.”
There’s no question that artificial intelligence has and will continue to drastically change the broader fintech services landscape. Acrisure’s AI strategy augments our people and allows for faster, more informed decision-making and customized client solutions. This “Human and High Tech” strategy is pivotal as we reimagine financial services distribution across insurance, asset management, real estate solutions and cyber security to provide more intelligent, customized solutions for customers – ultimately enhancing the customer experience.
The insights we gleaned from ITC may not be surprising, but the solution may: to keep your focus on the customer, don’t lose sight of your people.
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