Digital transformation: A 2020 Digital Insurance hot topic

The year 2020 was unquestionably defined by the coronavirus pandemic and every industry, including insurance's, response to it. Our year-end hot topic series, continuing with digital transformation, is meant to raise the profile of some of the other areas where the industry made advancements this year, both in response to and in spite of COVID-19's impact.

Travelers kicks customer experience transformation into overdrive amid pandemic

During the two years leading up to the pandemic, Travelers developed and started executing a customer and agent journey transformation strategy. Significant initiatives included developing a digital customer onboarding process, improving agent online tools, rolling out an experience management platform, and increasing the adoption of digital collaboration solutions.

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Prudential, John Hancock see life insurance transformation post-COVID

At a time when consumers are hesitant to go out into the world and book appointments in doctors offices and insurance offices, they also want to ensure that their families are taken care of in the event of death. These circumstances have life insurance companies quickly transforming their services and offering digital options in the post-COVID era.

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Nationwide digital lead talks insurtech partnerships, COVID and beyond

Digital Insurance: What is your charge as chief innovation and digital officer?
Chetan Kandhari: I’ve been at Nationwidefor about 15 years, including CIO for the enterprise applications group and CIO for personal lines. About two months ago I was asked to take on and integrate the digital and innovation organizations and start to really think about how we can accelerate digitization of our core processes. In the past the role was probably a little more focused on digital marketing and it was in the marketing organization.


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Coronavirus fast-tracked insurance's digital response to Hurricane Laura

Before Hurricane Laura made landfall or wildfires engulfed the Pacific Coast, insurers were well aware that the raging COVID-19 pandemic would decidedly alter catastrophe claims experiences and processes. A harbinger came from a national Allstate survey in late June. It found a quarter of Americans were uncomfortable meeting personally with contractors, insurance claims adjusters or other necessary home improvement professionals amid COVID-19. Yet reality has proven even more dramatic, with policyholder embrace of digital tools off the charts. “Customer interest in digital and self-service claims handling has grown exponentially this year in comparison to last,” acknowledges Chip Teague, Allstate’s senior claim field director of the national catastrophe team.

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Insurance digital interactions double in five years

The percentage of consumers interacting with their insurers via digital channels has doubled worldwide since 2015, according to research from ACORD. The Insurance Digital Maturity Study evaluated the 130 largest global insurers, representing 38% of worldwide market shares, on their paths to serving these customers.

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