We recently published the Novarica New Normal 100, for P/C and L/A, which covers 100 digital, data, and core capabilities for insurers across eight functional areas: product development, marketing, distribution, underwriting, customer engagement, billing, claims, and finance and operations.
Customer-centricity is becoming more important in the industry as insurers realize the importance of staying close to the end policyholder, however customer engagement continues to be an area of underinvestment for most insurers.
Digital in customer engagement includes old and new channels, from Web and email to chatbots and AI-enabled voice. Pilot programs in chatbots are common for midsize and large L/A insurers. Within the P/C segment, more large insurers than midsize insurers are confident in their mature Web and email customer support. Our recent report on Business and Technology Trends: Commercial Lines highlights Hiscox USA’s Hi Marley system for messaging with customers. This system provides real-time answers to customer questions using AI and proactive claims handling.
Data and analytics capabilities in this area focus on value and behavior modeling, with the use of machine learning emerging. Maturity levels are low across the board, but pilot activity is high for large L/A insurers. Larger P/C insurers continue to have significantly more capabilities across the board.
Core capabilities include unified customer views and omnichannel communications management. Core capabilities are the most mature customer engagement area for both midsize and large P/C and L/A insurers.
For more on the ever-changing insurance landscape, check out the Novarica New Normal 100: Digital, Data, and Core Capabilities for Property/Casualty Insurers and the Novarica New Normal 100: Digital, Data, and Core Capabilities for Life/Annuity Insurers.
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