Historically, insurance companies have sold their products through agents. Customers have become accustomed with self-service portals and are demanding the same from the insurance industry. Key to achieving this is the ability to process omnichannel transactions leveraging portal, mobile and social technology while delivering a consistent customer experience.
Before insurers can offer their clients omnichannel solutions, legacy systems are one of the biggest challenges. Insurance companies are eager to disentangle these systems, taking out the complexity. This is partly driven by consumers who demand access to back office systems with mobile apps, using one identity, in a secure way. Consolidation of core systems and upgrading the (mobile) identity stacks should lead to increased agility, efficiency and cost savings.
The already strictly regulated industry faces new compliancy challenges such as GDPR and Pensions Act and Solvency II. Focus on data agility, mobile authentication, online transaction and governance will be critical to ensure compliance. Companies find themselves stuck between two worlds through the advent of two-speed IT. Compliance driven risk adverse IT administrators versus the IT innovators eager to launch new omnichannel initiatives.
Both customers and insurers benefit from a customer centric approach. Curious about all industry challenges and how to meet the new customer needs? Download the free whitepaper.