An effective digital strategy is about more than just sales and marketing or capturing the attention of online shoppers. It involves every part of insurance operation and is as important to agency writers as it is to direct sellers. It should also make the lives of agents and customer service representatives simpler and give internal stakeholders across the value chain access to what they need when they need it.
Carriers are taking note, and digital initiatives consume an average of 20% of insurers’ overall IT budgets and nearly twice as much of their growth and transformational budgets. Digital investments are typically focused on enhancing agent and consumer portal capabilities, implementing content management systems, and improving workflows. Insurers are also expanding self-service capabilities, implementing responsive design concepts, and refreshing Web design to improve user experience.
Despite the increased level of investment, digital maturity levels vary. The proliferation of digital channels introduces complexity, and core system enhancements and analytics investments are frequently required to prioritize, enable, and manage digital capabilities.
Digital capabilities have changed dramatically over the last decade and continue to evolve rapidly. Insurers should continue to reimagine their service capabilities based on agent and consumer preferences and the benefits that digitalization promises.
For more on current insurer digital capabilities and a framework to address digital strategy, see Novarica’s latest report, Digital Benchmarks for Insurers Across the Enterprise.
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