COVID-19 has led to an increased customer desire to secure against unforeseen events. Where customers need to make a claim, efficient processing remains critical, especially in the current environment where delays in payouts may have severe implications for customers' personal financial situation. Customers also have an increased preference for using digital channels to settle claims.
The digitization of the insurance industry is accelerating more rapidly than, perhaps, any other sector. This trend could be further heightened by insurers' response to the impact of COVID-19.
As a result of changing customer needs and behaviors, insurers are looking to rethink and innovate as they adjust and respond to the new reality that will exist post-COVID-19. This is leading to a far greater focus on customer experience and greater personalization of the insurance proposition.
As the pressure on health services and social distancing protocols continue, we are likely to see a rise in telehealth services, offering consultancy to patients via phone or online video services. This could have constructive long-term effects, helping healthcare reach more remote and less affluent populations including the under- or un-insured. Making healthcare more available and accessible means that, in some small way, societies may benefit from learnings and actions taken during COVID-19.
COVID-19 has provided the opportunity for insurers to understand that their businesses have enough connectivity to support more staff working off-site and in flexible ways now, and for the future. Insurers should focus on reviewing, testing and securing their new model of working to ensure good governance, efficiency and protect against cyber threats.
There are some strategic technology and product questions facing companies:
What do we do with operational areas that have high concentrations of human capital support such as call centers, claims and shared service centers?
Have we maximized the use of digital workflow tools, virtual or mobile workstation capabilities or communication technologies?
Do we need to accelerate the digital transformation of the organizations, to become more agile, responsive and a more connected enterprise?
Insurance companies must rapidly adapt to the changing circumstances introducing new digital tools, finding new ways of interacting and the transparent management of claims, while at the same time providing an outstanding experience.
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As a result of changing customer needs and behaviors, insurers are looking to rethink and innovate as they adjust and respond to the new reality that will exist post-COVID-19. This is leading to a far greater focus on customer experience and greater personalization of the insurance proposition, which many of our hall of fame companies are already implementing."
Global Head of Insurance
Insurance hall of fame
John Lewis Finance
Sector hall of fame based on brands' Customer Experience Excellence performance relative to their market, according to consumers in the market specified.