Customer-centricity is key to a successful digital initiative: An Infosys study
Insurance companies in the US, the UK, and Germany are well on their way to making the most of digital strategies in their business. However, for many, the success of digital initiatives is threatened by a lack of focus on the customer experience according to a survey commissioned by Infosys. The study surveyed 200 IT and business decision-makers at insurance companies.
The study reported that 47 percent of insurance companies strongly believe that digital can play a major role in their growth, while 44 percent agree it can drive a unified customer experience.
- 44 percent identify digital self-service as a key priority to improve customer experience and thus drive revenue growth
- 29 percent believe that big data has a positive financial impact on business, primarily through improved underwriting
- Over one-fifth identify Internet of Things as a catalyst for creating positive financial impact on bill payment, policy administration and agent management
- 25 percent acknowledge the role of digital marketing in winning new business
On the other hand, the study also reported that organizations face several challenges and obstacles in leveraging digital for customer portals. 60 percent of insurers highlighted that they are hindered by poor quality customer insights, meaning that some insurers could be making wrong choices in their digital investments. The report also revealed that:
- Nearly two-thirds (65 percent) believe their digital technology portfolio is the result of an as-needed / ad hoc procurement approach
- 50 percent said the lack of a digital innovation strategy prevents delivery of digital marketing initiatives that drive growth
- 24 percent said the biggest obstacle to making digital technology effective is the lack of right skills
Reflecting this, the Forrester study states that “Insurance organizations would be well served to grow their digital capability investments that drive better customer and agent experience by adopting customer-centric technology, organization, and process change.”
Infosys is enabling many insurance organizations unlock business value by enhancing customer experiences, driving operational effectiveness, and nurturing business innovations by leveraging digital technologies.