Trust in the insurance industry is at an all time low, as organisations face radical and long term changes post pandemic, how can automation support them during this period of uncertainty?
Homeworking may no longer be short term
Approximately 100,000 Insurance brokers, agents, underwriters, actuaries, and claims staff are working almost exclusively from home with many reports of this continuing until the end of the year. On the plus side people are getting paid, losing travel time and having the opportunity to balance life and work a little more. But this is more than counter-balanced by a massive upsurge in call volumes and the uncertainties associated with new query types.Furthermore, homeworking limits human interaction – essential for product innovation, learning, quality assurance and conduct risk. It’s not so easy toggling between multiple systems and dual screens while sitting at home at the kitchen table, navigating childcare and home schooling.
Key goals for insurance leaders:
- Restructure business long term with work-from-home as a real consideration
- How to engage with home workers over extended period of time
- Growing backlogs in the office and an immediate need to gather information now sat in silo
Trust is at an all time low
Speaking to the Insurance Times (19th June), PIB Group’s CEO, Brendan McManus says that pandemic has painted the insurance industry as being “uncaring, maybe lacking in principles, and not helping people when they need it the most”. Considerable consumer pressure is being placed to reduce motor premiums for non-use, while homeworkers will not take especially kindly to potential premium increases for change of use. Most significantly though, business interruption insurance is being tested in the UK High Court where the FCA is arguing that the burden of proof should be borne by the insurer.
Key goals for insurance leaders:
• Customer retention will be vitally important
• Insurers may need to quickly change processes/policies with incoming regulation
Demand is only growing
Despite the negative reception surrounding Insurance today, there result will likely be higher demands from customers (in terms of expectations of the products they are buying) high likelihood of customers swapping providers and a high likelihood of renegotiation. With underwriting profits under competitive pressure, asset devaluation, and declining revenues, insurers have to save cost while delivering great customer service in a compliant manner.
Key goals for insurance leaders:
- Handling increased workload with the same (or less) resources
- Accurate risk segmentation and portfolio planning
- Manual processes which deliver low value but take significant time
Why automation is seen as a key tool in addressing challenges
Homeworking is no longer a short term reality: Automation gathers information from silos, takes away mundane tasks and allows your team to focus on the end customer.
Trust is at an all time low: Streamline processes, serve customers faster, collect and verify information instantly.
Demand is only growing: Make better informed decisions around risk segmentation with live, accurate data.
93% of insurance leaders agree that their CEO actively supports an innovation culture by pursuing technology initiatives that impact strategy. If your organisation is looking for impartial advice from people with insurance specific experience, then be sure to get in touch with the Proservartner team.
