Bust Through Your Work Silos
According to Boston Consulting Group, more than 35% of carriers rely on static digital channels to service policyholder needs. However, according to Mckinsey, insurers have the opportunity to automate more than 85% of their end-to-end customer journeys.
So how are you going bust through these silos and create the frictionless experiences your customer’s desire? Check out this brief video interview with Pega Insurance expert, Tom Harrington where he answers these questions and more.
The insurance industry is struggling with digital readiness at a time when policy holders expect to engage with our insurance carriers anytime and anywhere. The industry has one of the lowest digital quotients of peer industries, and in digital years, carriers are often 10 years behind the retail, and oftentimes, the financial services sector. In fact, according to Boston Consulting Group, more than 35 percent of carriers rely on static digital channels to service policy holder needs in the modern age. Furthermore, many insurers are saddled by aging, disconnected legacy systems that can't connect their end-to-end policy holder experiences or customer engagement. The insurance industry risks being left behind by the expectations of digital-first consumers. Insurers' legacy-driven experiences mean they often rely on human intervention or manual workarounds to create the experience that they're looking to deliver for their customers. Not only is this a costly model to maintain, it's difficult to change, and fails to address the basic expectations of their customers, and all too often, these disconnected experiences put a drag on existing operations.
Customers frustrated with limited digital experiences often wind up calling to find out basic details on things like claim status, policy changes, or billing inquiries. Insurers must evolve and unlock their digital potential. Carriers must actively bridge the digital divide that exists within their operations, and they must deliver meaningful experiences that provide value to both the end consumer and their organizations alike. Specifically, carriers need to find new ways to connect their digital channels and experiences with back office operations. This connection is critical for carriers to deliver a connected, comprehensive and end-to-end experience to customers. According to McKinsey, insurers have the opportunity to automate more than 85 percent of their end-to-end customer journeys. To succeed, carriers need to bust through operational silos that impede their ability to connect meaningful experiences.
This requires a significant reduction in operational complexity. Carriers must work to bring the back office forward and connect policy holders to the right resource at the right time, regardless of where this lives within their operations. Pega has helped insurance carriers like New York Life, Aegon, and Great American reduce complexity in their operations and tackle digital engagement head-on. Pega was purpose built for today's digital and mobile experiences, and can connect carriers' existing digital properties to meaningful digital experiences. In this era of engagement across channels and devices. Pega case management can orchestrate backend support systems to handle these interactions wherever they occur, and Pega provides cloud and Ai-ready solutions that can quickly create individualized interactions and experiences that enhance the digital policy holder journey.