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1、THE DUALITY OF INSURANCE DIGITALIZATIONA white paper exploring how digitalization is challenging the insurance industry by creating new problems while solving existing ones.TABLE OF CONTENTSEXECUTIVE SUMMARY&INTRODUCTION 1.UNSTRUCTURED DATAFinding Strategies for Optimization 2.PERSONALIZATION Efecti

2、vely Meeting Expectations 3.AGENT TECH ADOPTION Overcoming Hurdles 4.THE MENTAL HEALTH CRISIS Increasing Care Accessibility 5.POLICYHOLDER ENGAGEMENT Expanding the Value-Add 6.THE CUSTOMER JOURNEY Unlocking Growth OpportunitiesCONCLUSIONTHE INSURTECH COLLECTIVE468101214161732The question todays insu

3、rers are grappling with isnt whether or not to digitalize,but how to do it.What complicates matters is that digitalization has an inherent duality.On one hand it delivers transformative solutions and on the other hand it can also create new problems.Those planning and managing digitalization must be

4、 conscious of this duality and be prepared to also address the new challenges their digitalization eforts may create.Positively,leaders dont have to go about this alone.Within our industry,there are a wide range of digital providers experienced in successfully transforming problems into opportunitie

5、s.Digitalization is afecting every corner of the insurance industry,and for good reason.The move towards digital solutions ofers many advantages,such as a better understanding of policyholders,improved customer experiences,and increased overall efciency.Digitalizing your company,however,may not be s

6、traightforward.As you implement digital solutions,new problems can arise due to technology.We have identifed 6 common problems facing the insurance industry that are directly linked to digitalization:1.Unstructured data fnding strategies for optimization 2.Personalization efectively meeting expectat

7、ions 3.Agent tech adoption overcoming hurdles 4.The mental health crisis increasing care accessibility 5.Policyholder engagement expanding the value-add 6.The customer journey unlocking growth opportunitiesThese issues are signifcant and universal,but there are solutions in sight.Problems created by

8、 technology can often be solved by practical and well-designed digital solutions.It may seem counterintuitive to solve technological problems with more technology,but we hope to demonstrate how practical technology can become a solution if applied intentionally.EXECUTIVE SUMMARYINTRODUCTION3Automati

9、ng Data CollectionEfective data collection strategies continually analyze available data sources and identify inefciencies.Automation allows a consistent structure to be applied to the captured data.This provides insurers with a wealth of data primed to identify and solve business challenges,includi

10、ng customer satisfaction,safety risk reduction,simplifed underwriting,and more.Many manual processes can instead be handled by automation tools,including:OCR technology(Optical Character Recognition)to extract personal data from forms CRM(Customer Relationship Management)systems seamlessly connectin

11、g and capturing data from web forms and customer communications AI tools to collect and analyze data from photo,video,and audio formatsCentralized Data OrganizationWhile efcient data collection is important,data centralization is imperative to reap the full benefts.The reality,however,for most insur

12、ers is that their data is spread across multiple systems,in multiple formats,making it difcult to pull aggregated insights from all available data sources.There have been technological advancements in this space,however,each comes with its own obstacles.Cloud solutions have helped tackle unstructure

13、d data challenges but can also create new data security concerns.Data integration solutions are helping,but they can struggle to efectively structure data across multiple systems.Until a comprehensive solution is found,insurers need to take a more focused approach and instead concentrate on improvin

14、g a specifc aspect of their data landscape.With the right mix of tools,insurers can begin to more efciently and efectively solve specifc business challenges.Digitalization has resulted in a surge of available data.According to Accenture,80%of all organizational data is unstructured,which can create

15、a variety of challenges.1 Companies are increasingly challenged with how to organize and manage this unstructured data from multiple sources,such as online portals,social media,eApps,and email exchanges.Insurers are not immune from these challenges and can beneft signifcantly from better organized d

16、ata.Efciencies are created by freeing up resources otherwise occupied with manual and time-consuming data analysis.Security is enhanced with better management of sensitive policyholder personal information.Most importantly,structured data provides valuable insights to help optimize product design,ma

17、rketing,sales,and underwriting.UNSTRUCTURED DATAFINDING STRATEGIES FOR OPTIMIZATION14Manufacturing facilities and warehouses often have CCTV cameras in place for real-time human monitoring and documentation.Amongst safety professionals,its recognized that the utilization of CCTV footage to gain insi

18、ght to unsafe worker behaviors is low.Protex AI,a software company based in Dublin,Ireland,saw the collected video footage as an underutilized resource.By leveraging artifcial intelligence(AI)to analyze unstructured CCTV footage,Protex AIs privacy-preserving platform plugs into existing CCTV infrast

19、ructure and uses its computer vision technologies to capture unsafe incidents autonomously.Having 24/7 risk detection enables safety professionals to gain greater visibility of risk across their facilities,equipping them to revolutionize how they make data-informed proactive safety decisions that he

20、lp contribute to a safer work environment.Protex AIs in-depth reporting and storyboard functionality allows clients to gain insights into trends of unsafe behaviors and collaborate on learnings to instigate efective corrective actions and training programs.In one installation,Protex AIs client,Marks

21、 and Spencer,a major British multinational retailer with over 80,000 employees globally,saw an 80%reduction in incidents within the frst 10 weeks of deployment and a positive shift in employees perception of their companys care for their safety.Much of this reduction was attributedto the eforts of t

22、heir safety team to quickly identify areas of risk in their distribution centers and implement impactful safety programs amongst their workers.Within the U.S.employers spend nearly 1%of their monthly payroll on workers comp benefts,a signifcant cost much attributed to the safety risks present in man

23、y workplaces.2 Protex AI is an example of a tool that insurers can leverage in partnership with employers to better identify and reduce such risks.Historically,unstructured video data was difcult to efectively monitor,but with Protex AI,insurers can now see the full workplace risk picture.A Case Stu

24、dy with Protex AI5The Role of Personal DataEfective personalization requires an intimate understanding of policyholders.The most efective programs go beyond transactional and demographic data(i.e.,age,gender,race)to also consider behavioral(i.e.,website views,newsletter sign-ups,social media),IoT(i.

25、e.,wearables,smartphones,GPS)and publicly available data.Data modelling further informs the personalization process.Transparency allows policyholders to understand the data collection process,the benefts theyll receive from sharing their data,and how to opt out.Maximizing the Value of Personalizatio

26、nFostering a culture that recognizes the importance of a personalized relationship with policyholders is a necessity.This shift from a broad to an individual customer perspective can take time and efort.Collaboration across departments is needed to gain a comprehensive understanding of customer touc

27、h and pain points.This multidisciplinary approach ensures that personalization eforts are holistic and impactful.Prioritizing the analysis of policyholder data so that your organization understands their needs,preferences,and commonalities is key.Advanced technologies like machine learning,AI algori

28、thms and generative AI enable efcient personalization.They help uncover hidden patterns within vast datasets,further enhancing a tailored customer approach.These insights can then be creatively integrated into your customer journey and product development strategies,helping policyholders feel seen a

29、nd valued.Post-purchase check-ins,targeted how-to videos,and routinely requesting annual reviews are simple ways to help generate positive brand perceptions.Many tools are available to help streamline the complexities of implementing personalization.In particular,a robust customer relationship manag

30、ement(CRM)system that centralizes policyholder information and interactions is vital.It leverages automation to deliver personalized messages and ofers at scale,enhancing engagement and satisfaction,and potentially yielding substantial results.Personalization is becoming less of a unique selling pro

31、position;its now an expectation.According to McKinsey&Company,71%of consumers expect companies to deliver personalized communications and 76%get frustrated when they dont.3 Furthermore,policyholder loyalty is often short-lived.Zendesk reports that 61%of policyholders switch to a competitor after a s

32、ingle bad experience.4 The net takeaway is,if youre not prioritizing personalization and emerging technologies,it could have a negative impact on your policyholder relationships and ultimately on your business.Personalization for InsuranceThere are a variety of ways insurers can deliver a more perso

33、nalized experience to their policyholders,thereby showing care for their individual needs,including:Flexible products with the option to select coverage types and amounts Personalized ofers built for their protection and budgetary requirements Tailored communications aligned to their unique channel

34、and messaging preferences Multiple servicing channel options to suit difering service needs Prevention recommendations to help minimize or mitigate risks associated with potential claimsPERSONALIZATION2EFFECTIVELY MEETING EXPECTATIONS6By harnessing the potential of personalization,you can not only m

35、eet policyholder expectations,but also fuel growth in your endeavors.As highlighted by McKinsey&Company,“companies that excel at personalization generate 40%more revenue from those activities than average players.”5A Case Study with ZelrosAlthough we have access to more customer data than ever,lever

36、aging it to execute personalized customer experiences is easier said than done.Understanding what to deliver to whom and how,as well as creating and delivering thousands of unique messages,is a lot to manage.With the help of a platform like Zelros,carriers can meet policyholder expectations and help

37、 their agents not only retain but grow their policyholder relationships.Zelros,a Vertical SaaS InsurTech,utilizes reinforcement learning and generative AI to simplify and personalize customer experiences,while ensuring data privacy and security.Their recommendation engine leverages data from multipl

38、e sources then segments it based on lifestyle changes,life events,and potential risks.Segmented data is then used to deliver personalized ofers and communications through email,SMS,landing pages,or the agents serving them.Zelros partners with Microsoft to integrate Generative AI into its recommendat

39、ion engine,allowing sales and marketing teams to boost their creativity and productivity in tasks like content creation and smart data analysis.The efectiveness of Zelros is further amplifed by their approach to data collection and maintenance.Continuous AI training focuses on asking the right quest

40、ions and ofering the right policy,at the right time.Live customer input strengthens data quality and 3rd party data enriches customer profles,giving a more holistic client view.Data gaps and integrity issues are also identifed continuously to ensure consistency and completeness.Implementation of Zel

41、ros is proven to improve agents onboardingupskilling 3 times faster and increasing digital engagement rates by 200%.Their education-focused approach to personalization enables a more consistent customer journey.Agents are better equipped to cross-sell,upsell,and engage more efectively,resulting in h

42、appier policyholders,who are more informed to better manage their risks.The Insurance CopilotPowered by AI In todays insurance landscape,personalization isnt just a competitive advantage;its the very foundation of meeting policyholders expectations.Its a strategic imperative,a commitment to understa

43、nding and serving their unique needs.To achieve this,we must stay constantly up to date with emerging technologies,such as integrating generative AI,ensuring that we evolve with the ever-changing needs of policyholders while sustaining a proftable growth in a highly challenging and risky world.”Dami

44、en Philippon,CEO and Co-founder7Tech,a Recruiting ToolAccording to the U.S.Bureau of Labor Statistics,50%of the current insurance workforce will retire over the next 15 years.6 This Great Retirement will leave more than 400,000 insurance agent positions open.As seasoned agents retire,companies must

45、fnd ways to attract new,younger talent.These“digitally native”generations have spent most of their lives immersed in technology and expect no less from their workplace.In fact,Adobe reports that 70%of Gen Z employees would leave their job for one with better technology.7 Although theyre quick to onb

46、oard new technology,they have higher expectations that the solutions will simplify and streamline their daily tasks.There is little patience for poor user experiences often created by disjointed tech stacks.As carriers prepare for the Great Retirement,their capacity to ofer new talent a suite of int

47、egrated solutions isimperative.Their ability to attract and,most importantly,retain talent depends on it.Enticing Adoption with SimplicityWhile improving your tech stack for younger generations is important,it can also beneft current agents.According to research done by Zippia,66%of insurance agents

48、 are 40+years old,some of whom are not digital natives.8 Although their needs may difer from younger generations,they mutually beneft from a more seamless agent experience.Ease of use is critical.Overcoming long-standing resistance to technology cant be solely achieved with training and incentives.M

49、ultiple logins and platforms all present hurdles.Tech features that combine multiple tools into one and deliver intuitive workfows and great user experiences are in everyones best interest,and ensure agents are set up for success.AGENT TECH ADOPTIONOVERCOMING HURDLESDigitalization often focuses on t

50、he end user.However,it also afects the insurance employees who leverage the technology.In recent years,there has been tremendous growth in the availability of self-service,no-code tech solutions supporting a variety of agent functions:Although access to such solutions can empower agents,theyre often

51、 delivered as a disjointed tech stack,inhibiting their full impact.With each new platform comes more time spent learning and maintaining them,creating inefciencies that can further discourage technologically hesitant agents from adoption.When the agent user experience is overlooked,carriers not only

52、 face lower tech adoption rates but increased employee dissatisfaction.With a focus on improving and centralizing the agent tech experience,insurance carriers can further amplify the ROI of their tech investments by enabling greater agent productivity and thus,increase sales.Call recordings&transcri

53、pts Website-building&hosting Email marketing Social media marketing Outbound dialer Agency management Quotes&illustrations e-applications38For many insurance carriers,the evolving nature of digitalization has resulted in fragmented software workfows and unorganized data.Complex challenges inhibit th

54、e full ROI of digitalization.iLife,an InsurTech platform dedicated to modernizing insurance business technology,believes this can be resolved.Their solution combines the tools most necessary to agents,providing efciency all in one place.With iLife,agents no longer manage separate Customer Relationsh

55、ip Management(CRM),marketing,sales,and e-App tools.Ofering agents an all-in-one tool lessens tech adoption hurdles.iLife is proven to reduce agent onboarding time by as much as 70%and increase platform retention by 30%.Functionalities such as iLifes touchless CRM automatically tracks all agent/polic

56、yholder interactions driving further efciency.Users report spending 10 times less on back-ofce tasks.With efciency comes increased productivity,including more sales,better customer service,and higher overall agent performance.Benefts extend beyond those of the agent.One iLife installation helped a l

57、eading carrier go from a disconnected workfow made up of six diferent vendors to the single iLife solution,resulting in a 75%reduction in technology ownership cost.Consolidating platforms also enables workfow simplifcation and greater data intelligence,improving not only the agent but the policyhold

58、er experience.iLife proves that by taking an agent-focused approach to craft your tech stack,you can multiply the positive efectsof digitalization.A Case Study with iLifeWe unite to help agents grow.iLife and ReMark are combining their strengths in technology and marketing to help agents realize the

59、 full potential of their books of business.Agents are equipped with policyholder intelligence and an all-in-one sales and marketing platform to efciently close more business.Are your agents equipped to maximize their growth?Lets discuss.iLife is at the forefront of revolutionizing the insurance sect

60、or.The returns carriers can expect by enhancing both client and agent experiences are unprecedented.By refning the client journey,carriers can anticipate lower drop-of rates,an uptick in referrals,and invaluable feedback that directly benefts agent recruitment and retention.Our commitment is to driv

61、e excellence at every touchpoint,ensuring both innovation and inclusivity for the industrys future.Nelson Lee,Founder and CEO of iLife9THE MENTAL HEALTH CRISIS4INCREASING CARE ACCESSIBILITYIts no secret that there is a mental health crisis in the United States.According to the National Institute of

62、Mental Health,more than 1 in 5 adults in the U.S.live with a mental illness,equal to about 57.8 million Americans.9 There are consequences of this phenomenon that should be of concern to insurers,such as the close relationship between poor mental health,physical health conditions,and mortality.Untre

63、ated mental illnesses like addiction,chronic anxiety and depression can lead to serious physical health conditions such as diabetes,heart disease,or stroke.10 In some cases,severe mental illnesses can also increase the rate of mortality.For example,people with schizophrenia,bipolar disorder,and depr

64、essive disorders live an average of 10-20 years less.11 Addressing the underlying mental health issues that lead to these conditions can provide long-term benefts for both the policyholder and the insurer.The Accessibility GapAmericans are undoubtedly in need of mental health services,but there is a

65、n accessibility gap between the number of providers available and the patients in need of care.According to the American Psychological Association,65%of psychologists reported they had no openings for incoming patients.12 Additionally,the average wait time for behavioral health services is six weeks

66、.13 Many patients may not get help in time,potentially leading to life-altering circumstances,such as strained relationships,loss of social connections,unemployment,and even death.Even if a provider is found,services may not be covered by a policyholders insurance or the gap between actual cost and

67、coverage is too expensive.Providing adequate insurance for policyholders seeking treatment is one of the most efective ways to combat the current mental health crisis and slow the prevalence of mental illness in America.Technology has been Embraced for Better and for Worse Technology plays a signifc

68、ant role in the prevalence of mental illness in America.Excessive social media use is proven to cause feelings of isolation and negative self-esteem.Overuse of mobile devices leads to difculty focusing and sleep problems.These negative habits can contribute to more serious mental health issues,such

69、as anxiety and depression.14 However,technology can also be part of the solution.Services such as telehealth virtual visits have many benefts.This increase in the pool of provider options allows patients to see their provider even when not geographically close,making treatment more afordable and acc

70、essible.Additionally,more robust data intake assists in the patient triage process,aiding the optimization of allocated resources.Remote follow-ups can keep patients engaged before,during,and after treatment,potentially leading to higher treatment success rates.Insurers have a great opportunity to p

71、artner with digital solutions that are working to solve this challenge and increase the accessibility of mental health services.Addressing this problem can help to decrease claims costs and increase policyholder life expectancy.More importantly,it will improve the lives of those struggling with ment

72、al illnesses that are going untreated.10A Case Study with ifeelifeel is the leading mental well-being solution partnering with global insurers to help increase mental healthcare accessibility,and reduce health insurance claim costs up to 40%with a simple API integration.Their human-centric approach

73、places the end-users well-being at its core,inspiring growth and delivering outstanding mental well-being support to end users.ifeels digital solution is dedicated to addressing this challenge by supporting the mental health needs of all people by enabling care at scale.Through an efective triage,if

74、eel addresses each patient while determining their level of risk.Then,the digital platform delivers live therapy sessions,as well as therapy through chat,with licensed psychologists located worldwide,across 30 areas of specialization,and in more than 29 languages.Users are further supported via a su

75、ite of self-care tools enhanced by AI recommendations such as meditation and stress relieving exercises.One of ifeels partners is a health assistant company serving insurance companies and healthcare organizations with more than 9-million people.This partner was experiencing high demand,high costs,a

76、nd waiting times between 4 to 8 months for triage and therapy.Thanks to the partnership,they reduced screened-patient costs by 40%and clinical intake start from 3 months to 2 minutes.Furthermore,they managed to establish a highly efcient online dashboard for the organization of all patient data.Than

77、ks to API integration,ifeel partners leverage the power of data,providing real-time updates,onboarding automation,user lifecycle management,and reporting processes.ifeels data protection process is ISO 27001 certifed and GDPR compliant,ensuring robust patient data security.ifeels dedication to menta

78、l healthcare accessibility and partnerships with insurers results in an efective digital mental well-being solution that improves the lives of policyholders in need of mental health services.Insurance companies are paying out today billions of dollars in disability claims,health claims,and in additi

79、onal life and non-life protection products.These claims are increasing due to the high demand in a post pandemic world that includes blended work and cultural shifts.Research shows that lack of access to mental healthcare increases the payment in claims over time in hospitalization or disability.Wit

80、h easier access and timely follow ups,insurers can reduce claim costs,increase revenues and loyalty of the insured population.Amir Kaplan,CEO&Co-Founder of ifeel11POLICYHOLDER ENGAGEMENTEXPANDING THE VALUE-ADD5Traditionally,insurers engaged with their policyholders on an annual basistypically around

81、 renewal.Unless there was a servicing need,policyholders expected little to no engagement with their insurer.This,however,has changed.Younger generations expect regular,value-added interactions.Furthermore,as digital self-service becomes more readily available,customer retention becomes harder to ma

82、intain.After all,unhappy policyholders can simply cancel their policy online and move on to the next best option.Facing increased customer expectations and the side efects of digitalization,insurers are forced to rethink their approach to policyholders,including expanding the role they play with the

83、m.Luckily,across the customer journey there are many opportunities to add value to policyholders lives.Prospect Education Engagement opportunities begin even before a policyholder is a customer.According to ReMarks 2023/24 Global Consumer Study,69.6%of U.S.Gen Z and Millennial respondents feel they

84、need additional education about insurance.15 During the prospecting stage,having an abundance of easily accessible educational materials and fast inquiry response times is essential.Showcasing your ability to educate potential customers establishes your company as a competent choice.Periodically rev

85、iew your public-facing materials to ensure they efectively educate consumers about insurance.Everyone learns diferently,so ofering a variety of learning formats such as blogs,FAQs,videos,courses,or calculators is benefcial.Access to a full suite of educational tools not only encourages engagement bu

86、t reinforces the sales processextending benefts well beyond the prospecting stage.Personalized Outreach Efective engagement is more than simply increasing your frequency of communication.Blasting policyholders with unrelated ofers can negatively impact your brands perception.As you learn more,you ca

87、n increase the personalization in your policyholder communications,ofering tailored product recommendations that show you understand their needs and interests.Considering policyholders preferred communication channels is also important.24/7 access to a wide variety of communication channels(i.e.,soc

88、ial media,email,website,phone,in-person,etc.)demonstrates your interest in two-way engagement.Incorporating tools such as chatbots can help ensure their questions are answered at their point of need.Overall,the most successful personalized initiatives not only increase NPS scores but generate organi

89、c growth.Enhanced ValuePost-purchase ofers exciting opportunities to be creative and further diferentiate your brand.According to Salesforce,84%of customers say the experience a company provides is as important as their products and services.16 Whether its ofering a rewards program or gamifying your

90、 customer journey,providing unique experiences reinforces that you value their business.Broadening your engagement strategy to play a larger role in policyholders lives can be very benefcial.Policyholders rely on their insurer to protect the things most important to them,but can that extend beyond c

91、overage?Todays consumers are increasingly interested in understanding their risks and how to reduce them.This presents a new engagement opportunity for insurers who have the credibility and expertise to fulfll this role.With the support of technology,carriers can efectively engage,retain,and grow po

92、licyholders throughout the customer journey.1213A Case Study with Garmin HealthWith increasing risks and tightening margins,insurers are seeking new ways to reduce risks.Life insurers are turning to health&wellness initiatives to not only address these challenges,but also engage policyholders.Garmin

93、,a leading global provider of smartwatches,ftness trackers,and digital health solutions,saw this as an opportunity to increase access to wearables.Garmin Health collaborates with insurance carriers to craft wearable-centric wellness initiatives.Bundling insurance coverage with a discounted or subsid

94、ized smart wearable elevates the insurance ofering by creating a sense of tangibility.The Garmin Health API also provides insurers access to new types of policyholder data,including heart rate,steps,sleep,and calories.This rich biometric data provides a snapshot of a users current physical condition

95、 and can help identify potential future health risks.Recognizing the value both carriers and policyholders have in this,the Garmin Health research development team is focused on uncovering ways wearable data can help individuals manage their health and wellness.New Garmin Connect Health features are

96、 being regularly released to address such conditions.Garmin Health provides custom enterprise business solutions that leverage Garmins extensive wearable portfolio and high-quality sensor data for applications in the corporate wellness,population health,and patient monitoring markets.The Garmin Heal

97、th API allows third parties to ask customers to share their data in accordance with their specifc privacy policies.As part of a global company that designs,manufactures and ships products worldwide,Garmin Health supports its customers commerce and logistics needs,allowing enterprises to scale with a

98、 single,trusted provider.With the support of a technology leader like Garmin,carriers can add true value to policyholders lives.Garmin and ReMark are global strategic collaborators.For 4 years,weve been working together to encourage healthy behaviors in policyholders.Weve combined our knowledge and

99、data insights to support SCORs Biological Age Model BAMTM.BAM is an actuarial endorsed algorithm that enables individual risk profling and premium adjustments based on wearable data.Crafted special insurance ofers help to make wearables more fnancially feasible for policyholders.Plus,by supporting o

100、ver 200,000 Good Life users,ReMarks health&wellness engagement application has helped users to become biologically 2.4 years younger.Did you know?Implementing health and wellness programs with wearables allow insurance companies to stay competitive and ofer a holistic approach to achieving better he

101、alth outcomes.With wearables,insurance companies can achieve an easier and more accurate underwriting process.Wearable programs enhance customer engagement and loyalty,ofer risk detection for early prevention,provide cost efective treatment,and ultimately improve overall customer health and wellbein

102、g.Jrn Watzke,Senior Director Global B2B Sales of Garmin HealthTodays insurance customer journey is more complex than ever.Although it was assumed digitalization would allow for more efcient,100%digital customer journeys,many policyholders still prefer human-digital interactions.The journey is no lon

103、ger a single channel,linear experience.Carriers are managing more customer channels with more experience variations,increasing the risk of customer-journey roadblocks and greater potential for missed opportunities.No matter where you are in your digitalization evolution,its likely to be a long-term

104、process.Facing this,how do you continue to drive present-day growth while building for the future?It Starts with a New Mindset One of the many byproducts of digitalization has been the shift from a proft to a customer-centric mindset.According to Forbes,customer centricity is the“ability of people i

105、n an organization to understand customers situations,perceptions,and expectations.”17 The benefts of putting policyholders at the center of your decisions go beyond better serving them.If done properly,it can also create new growth opportunities for your organization.This is easier said than done wh

106、en faced with limited internal resources and the pressure to still achieve revenue goals.However,customer centricity doesnt have to happen overnight.The mind-set shift can evolve over time.You may want to explore how you can incorporate customer centricity into your other strategic initiatives.Coupl

107、ing it with other initiatives will allow you to further stretch your resources while building upon your customer centricity.Its a Team Efort Many organizations are structured under the assumption that consumers operate in channel silos.By structuring digital teams to operate independently from other

108、 distribution channels,growth opportunities can be overlooked.Data&analytics and technology resources also play a key role in bringing your growth initiatives to life.Whether theyre internal or external,collaborating across departments can help to ensure that youre delivering a seamless customer exp

109、erience across all channels.Although digitalization has created more complexity,its also broadened our perspective,creating new opportunities to better serve and grow our relationships with policyholders.Walk in Their Shoes To put customer centricity into action,simply keep them top of mind when con

110、structing strategies.Consider what its like to be a policyholder and walk through(and document)your entire customer journey.Candidly question its efectiveness:Flag areas of inefectiveness as growth opportunities,then size and prioritize them based on the potential business impact.Consider both the p

111、otential return,as well as the eforts required.Whether its adding new digital response channels or improving your post-sale communications,in your quest to better serve your policyholders,you can beneft from an improved bottom line.Is it a seamless experience that limits barriers to entry?Is communi

112、cation clear and efective throughout?Are policyholders protection needs properly fulflled?THE CUSTOMER JOURNEY6UNLOCKING GROWTH OPPORTUNITIES1415A Case Study with ReMarkSince its inception almost 40 years ago,ReMark has been leading the way in driving sustained growth for global carriers.They levera

113、ge ReMarks marketing,technology,and insights to improve upon their customer journey and sustainably grow their business.ReMark takes a customer-centric approach to building strategies,kicking-of projects with customer journey mapping and CRM(Customer Relationship Management)opportunity assessments.M

114、ost frequently,untapped opportunities are identifed within the journey,whether its through an improved experience or by extending it.Whats more,because ReMark also constructs and executes their proposed strategies on behalf of carrier partners,their strategies are proven to generate growth.In one su

115、ch long-standing U.S.relationship,ReMark has generated signifcant growth for the insurer by implementing multiple initiatives across their customer journey.Beginning with acquisition,ReMark modernized the insurers paper-based application process by launching their frst-ever digital response channel.

116、Digitalization sped up their processing times and reduced barriers to apply,resulting in 10%higher conversion rates than traditional response channels.The insurers underwriting process also presented a growth opportunity.Traditional underwriting focuses on reducing risk,but what about the preferred

117、segments eligible for greater coverage?ReMark constructed a fully automated digital process upselling to eligible applicants in the brief time between underwriting decisioning and issuance.Of those eligible,10%accepted the greater coverage,increasing their annualized premium by over 30%.Like many ca

118、rriers,their campaign eforts were heavily focused on acquisition.An untapped opportunity existed to also drive organic growth.ReMark recommended extending the customer journey with intelligent cross-sell campaigns.Backed by a custom-built response model,policyholders are presented product ofers tail

119、ored to their unique customer profle.Incorporating cross-selling into their customer journey has resulted in over 100,000 incremental policies,generating over$15 million in frst-year annualized premium.ReMark eforts have demonstrated that,by combining the strengths of technology with marketing and i

120、nsights,we can produce growth across todays more complex customer journey.Carriers can unlock substantial growth potential by optimizing their distribution channels and enhancing customer outcomes through digitalization.Creating transformative digital solutions necessitates a fresh perspective on pr

121、ocesses,supported with strategic planning and profcient management of multi-dimensional delivery systems.We are proud to bring ReMarks proven expertise to assist carriers in crafting an exceptional customer experience.Steve Gaertner,Head of North America at ReMarkCONCLUSION 1.Properly collecting and

122、 organizing unstructured data will help you pull insights about your policyholders.2.Embracing personalization can help ensure youre meeting your customers expectations and keeping up with the competition.3.Streamlining and simplifying your agent tech stack can help attract young talent to the insur

123、ance industry and ease the technological burden on your current agent workforce.4.Doing what you can to address the mental health crisis as an insurer can help reduce claims costs,decrease mortality,and better the lives of millions of people.5.Broadening your policyholder engagement strategy can hel

124、p create more loyal customers and meet the expectations of younger generations.6.Shifting your focus to be more customer-centric can help create new growth opportunities and strengthen policyholder relationships.Digitalization brings with it an inherent dualityit provides solutions that can inevitab

125、ly create new problems.This necessitates that insurers collaborate with experts who have relevant experience navigating the process of digitalization,to beneft prospects,policyholders,agents,and carriers alike.If your organization is facing any of these challenges,we hope you can take what youve lea

126、rned and apply it as needed.Heres a quick recap:Digitalization is an ever-evolving process that our industry needs to continue to grow and adapt to.Luckily,the InsurTech community is growing alongside it.Were no longer alone in the process.A wealth of tech partners are available to help us solve pro

127、blems and take full advantage of digitalization.We encourage you to embrace the process and all it can ofer your company and your policyholders.16THE INSURTECH COLLECTIVEWHERE PROBLEM SOLVERS UNITEThe InsurTech Collectives dynamic alliance helps solve challenges that come with digitalizing the insur

128、ance industry.Members of The InsurTech Collective beneft from each others strengths and ofer practical solutions at the intersection of technology and coverage.Proactive Safety Powered by AIProtex AI sees their oferings as a value-add to insurance carriers in the important step of helping safety and

129、 operations teams to gain 24/7 visibility to risk in their business.In this way,they can give the carrier a competitive advantage.Overall,their goal is to empower companies to revolutionize how they make proactive safety decisions that help contribute to a safer work environment.For more info,visit

130、protex.aiThe Insurance Copilot Powered by AIZelros is a SaaS platform that ofers real-time personalized insurance recommendations across channels.It enables insurers to provide the best coverage to their policyholders while boosting client acquisition,cross-sell&up-sell,driving agent efectiveness an

131、d increasing loyalty.Distribution&Innovation Insurers leaders rely on Zelros to create relevant and proactive experiences for their customers and agents.For more info,visit The Most Robust All-in-One Insurance CRMiLife consolidates multiple tools into one front-end operating system that makes daily

132、processes more efcient and streamlined,with all the data in one place.When carriers have a consolidated process that eliminates inefciencies and fragmentation,its a better experience for consumers,as well as for their agents.For more info,visit ilife.tech17The Emotional Well-Being Service for Insure

133、rs and Employersifeel has the digital expertise to help improve policyholder engagement,reduce costs,and create new revenue streams for carriers.Discover how their mental well-being solutions in the pursuit of mental health can help you achieve your objectives and inspire human growth.For more info,

134、visit the Future of Digital HealthGarmin Health provides custom solutions that leverage Garmins extensive wearable portfolio and high-quality sensor data for applications in the corporate wellness,population health,and patient monitoring markets.The Garmin Health API allows third parties to ask cust

135、omers to share their data in accordance with their specifc privacy policies.As part of a global company that designs,manufactures and ships products worldwide,Garmin Health allows enterprises to scale with a single,trusted provider.For more info,visit the Gap Between Insurers And ConsumersReMark(SCO

136、R Digital Solutions)is a leading global provider of solutions&services,helping insurers worldwide to grow sustainably.With 39 years experience in consumer insights,marketing campaigns and tech solutions,ReMark helps insurers to understand what consumers really want,and prepares them to meet that dem

137、and-turning one-time transactions into long-term relationships.For more info,visit 181 https:/ https:/ Next in Personalization 2021 Report https:/ https:/cx-trends-report- Next in Personalization 2021 Report https:/ https:/ https:/ https:/ https:/www.nimh.nih.gov/health/statistics/mental-illness10 h

138、ttps:/www.cdc.gov/mentalhealth/learn/index.htm11 https:/www.ox.ac.uk/news/2014-05-23-many-mental-illnesses-reduce-life-expectancy-more-heavy-smoking12 https:/www.apa.org/pubs/reports/practitioner/covid-19-202113 https:/www.thenationalcouncil.org/news/certifed-community-behavioral-health-clinics-providing-expanded-access-to-mental-health-substance-use-care-during-covid-19-pandemic/#:text=WASHINGTON%2C%20D.C.%20(May%2025%2C,million%20people%20across%20the%20country14 https:/www.helpguide.org/articles/mental-health/social-media-and-mental-health.htm15 https:/ https:/ https:/ SOURCES19