Customer behavior is changing because we see there are better ways to organise our personal lives, culture and work. Technology doesn’t drive that change, it provides the opportunity to do things better.
To quote Tobin Murphy-Coles, founder and chief executive of Trans_form(8) Consultants, a start-up business that specialises in the employee benefits sector and describes itself as a transformation growth expert: “It’s no longer: what is your digital strategy? It’s now: what is your strategy in a digital world?”
He explains that digital transformation projects were in the past seen as an isolated marketing or customer service thing “but it’s now impossible to find a point where digital and so-called ‘traditional’ channels begin,” he explains.
“Digital transformation projects should involve everyone from the board to front-line staff”.
It stands to reason that doing things better and meeting customer need will inevitably result in positive experiences, trust and essentially business growth.
Jennifer Gilchrist, protection product design at Royal London, comments: “We’re looking at ways to make products and services more accessible in a digital format.
"Consumer behaviour is changing and mobile technology, in particular, is a key part of life. In order to be in their life, you need that connection.”
Meanwhile, in another sector across the pond, general insurer Lemonade claim to have set a new world record for paying a claim for a stolen coat.
It was December 23rd at 5:43pm when the policyholder entered the details on the mobile phone app. He spoke to the camera, described what happened and press submit within a minute.
Between 5:49:07 and 5:49:10, A.I. Jim, Lemonade’s claims bot, reviewed the claim using 18 anti-fraud algorithms, approved it, sent instructions to the bank for payment, and informed the customer of the good news, all within 3 seconds.
2) Get to know your customer
As part of the digital experience, gamification might be considered one of the most interesting and customer-centric innovations in the insurance industry to date.
This involves the use of game techniques and elements to influence the behaviour of individuals. It can bring into play a whole host of elements including behavioral science, social networking, the Internet of Things and wearable technology.
It sits at the heart of VitalityLife’s ‘shared value’ approach, which asserts that collaboration between a healthy diet and an active lifestyle can help people make positive changes, as evidenced in behavioral science.
Andy Simmons, senior income protection specialist at VitalityLife, says: “Because our members can engage with Vitality every day by getting something back, even if they don’t claim, they are seeing real benefit – not only in sickness but in health too.”
As reported in FT Adviser recently, VitalityLife’s deputy chief executive Deepak Jobanputra, sees both medical and wearable technology improving in 2017, and the industry can expect new products and initiatives from the provider in the coming year.
