How digital intelligence improves insurers' people strategy
Digital intelligence in insurance is achieved by using the power of digital customer interaction to encourage a face-to-face approach for greater confidence in the product.
That was the opinion shared by panelists Bruce Baude, Chief Operations and Technology Officer, CNO Financial Group; A.J. Ijaz, VP, Retirement Plan Services,The Standard; and Sophia Yen, Principal, Insurance Strategy and Innovation Leader at EY at Digital Insurance’s Dig | In conference. In the panel moderated by Keith Johnson, insurance lead for EXL Group, the group noted that the value of focusing on digital transformation is for greater consumer interaction.
“We are a people business, we should look at it as not people versus technology, but as people enabled by technology,” Ijaz said when asked about digital leading to change in the workforce. “We are creating a capacity to allow customers to do what they love, and letting digital and technology to go the dirty work.”
Baude, whose role is to provide strategic leadership over CNO’s operations and IT functions shared that the strategy in connecting with your customer by creating a long term connection for many years, allowing you to later cross-sell. “That is the multichannel for reaching customers,” says Baude.
With the advancement for insurance sales from door-knocking to digital data, using technology and utilizing automated underwriting allows insurers to build bridges to know the customers personally. “It build compatibility and better connections with through digital technology rather than doing so manually,” Baude adds.
Using her “KSS” strategy -- “keep, shrink, shed” -- Yen shared with attendees how she generates what's beneficial for customer, the institution and how it will increase segments within the business. “Some of the required questions you must ask yourself as a company to connect with the right audience are, ‘What are you trying to do? What market are you trying to own? What product do you want to be the best in?’” she says.