CHEQUING IN transformation of underwriting , then , is reaching the tipping point at which you commit to a realistic level of evolution . Stasis will ultimately kill a business – so at some point , the plaster must be ripped off .
Going hyper with the personal touch
The transformation into a datadriven business doesn ’ t just make the process faster . It also allows us to return to that balance of personability and automation , as the data being captured can act as the basis of automated personalisation .
Data capture isn ’ t just financial . Every data point , from a preferred name to a customer service history , can potentially inform us how a customer would like to be treated . That information should be fed into a customer profile that acts as a 360-degree view of that individual ; it ’ s a single source of truth for the entire business and the convergence point of all that real-time data that ’ s so valuable to understanding what a customer really wants from you .
That profile can then shape a customer ’ s entire journey . Whether it ’ s retaining key data from a previous application , contextualising a new complaint , or engaging on a customer ’ s favourite channel , this sort of ‘ hyperpersonalisation ’ can make a customer feel recognised and valued by an insurance provider .
Compared to the approach of previous decades , in which customers could be bumped from person to person without any context , this is transformative .
Looking forward
When we look at transformation , insurers are walking a tricky tightrope . The financial services industry at large , particularly traditional banks , is well-known to have a reliance upon legacy technology . As new technologies emerge , they ’ ve held on tight to systems – customising , integrating , and patching to keep things moving .
But it ’ s prohibited financial services firms from moving at the speed of modern challengers – and providing that personal touch that delivers an exceptional experience without slowing things down for the customer . Competitors aren ’ t only beating them to the punch – they ’ re more personable at each stage of the process , too .
Despite the pains of digital transformation , this is a reality that underwriters must contend with sooner or later . The gradual development of a technology stack that can automate the menial , reflect the individuality of customers and improve the delivery of the product should be an absolute priority for underwriters across the globe . � www . intelligentfin . tech
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