3 Ways to build a resilient insurance ecosystem in the ‘new normal’

McKinsey defines ecosystems as "interconnected sets of services in a single integrated experience." For the insurance industry, that means companies and brokers supporting each other to connect multiple offerings, products and services. That will help customers adapt to new and fast-changing circumstances.

Building this sustainable ecosystem will help insurers and brokers to provide seamless customer journeys and more personalized customer experiences. As we move on from a respond phase to a recovery phase of the Covid-19 pandemic, we all need to adapt to a 'new normal' way of doing business and supporting customers. Here are 3 action points for the insurance industry.  

1. Embrace digitalization and an open, transparent culture

Before Covid-19, many insurance companies were still operating with physical files and fixed phone lines in large offices. Now, they are rapidly adopting a flexible, hybrid working model. With the right digital tools even call center employees can successfully work remotely.

With an effective CRM platform, such as VeriPark's VeriTouch, customer service teams can collaborate and Sell, Serve and Solve all in one place. All they need is an internet connection. Cloud infrastructure ensures CRM technology is scalable and secure for sensitive company and customer data.

By developing their AI capabilities, insurance companies can rapidly analyze data to deal effectively with everything from fraud management to digital claim handling. Just as an example, customers can now upload pictures of their damaged car and the insurer's AI can estimate the repair costs. Many companies are also offering digital virtual assistants to support customers and new communication channels, such as Whatsapp or social media, to improve the customer journey with real-time sales support and advice.

2. Support brokers to thrive in the new normal

Insurance brokers and agents have all felt the impact of lockdown restrictions. It has spurred a fundamental shift in the way they work. Entire teams that would typically be office-based have been working remotely from home and, often, unable to meet face-to-face with their customers.

These mostly small or mid-size companies often don't have the tools and technological expertise to adapt to this new normal at speed. Insurance companies, many of whom rely on agents or brokers, have an important role to play in helping agents support customers. For example, with tablet applications agents can do video calls and get digital customer signatures.

They can also conduct customer needs analysis and eligibility checks. It is even possible for a digital virtual assistant or chatbot to undertake the initial eligibility screening, leaving the agent to provide more detailed and personalized advice in a video call. With a seamless and coordinated 360 degree view of the customer, insurance companies and brokers can gain a better understanding of customer needs, vastly improve customer experience and boost sales. 

When brokers are empowered with technology, they are most likely to play a much more crucial role in supporting pre-sales and post-sales processes of insurance companies by engaging in initiatives such as insourcing claims processing and underwriting with Power of Attorney.

3. Provide customers with hyper personalization

Highly personalized customer offerings, based on comprehensive and accurate customer data, are becoming the new norm in insurance. Many customers have experienced dramatic life changes in the last few months and are now more than ever before concerned about their health. The customer mindset for health insurance has shifted from a nice-to-have to a necessity. They are also demanding more innovative and personalized insurance products to meet their new needs. On demand car insurance, for example, allows customers to pause their premiums while they are in quarantine or lockdown and not using their car.

The pandemic has brought many economic and social upheavals. For customers, this may mean changes to their employment status and financial stability. It may even result in changes to their place of residence and, as such, their social support systems and well-being. The key to lasting relationships between customers and their insurance broker and provider lies in the ability of the industry to engage with customers seamlessly through multiple channels and offer flexible, creative solutions to their present and future needs.