In my last blog, What Do Insurance Customers Really Want in Terms of Security?, we tackled themes around what insurance customers really want and how we could meet their expectations through the delivery of IAM services. For many insurers who already had aspirations to undergo digital transformation projects the pandemic has brought those programs forward as 85% of CEOs said COVID-19 had accelerated the digitisation of their operations according to a KPMG report.
Customer demand is also leading to more web and mobile channels so as insurers look to gain market share we’re seeing more focus on the digital side of the insurance brand.
Supporting Digital Channels
We all went from a relatively stable “in office” workforce to a model that is now supporting millions of remote workers. The ability to meet customers where they want to be met has now extended to the workers and support functions. From a customer experience perspective their interactions with the insurer whether through an app on their smartphone or a contact centre function dictates that it is largely digital persona-driven.
That requires a fairly robust Identity Access Management function that has full integration into those consumer touchpoints (eg. CRM). This is key when looking at the claims handling process where the level of interaction goes up.
Where Insurers should make the IAM investment
If we acknowledge the preferred consumer digital channels then there are two things we have to get right; Customer Experience and Security.
Part of the solution to address that is the afore-mentioned link into CRM, in order to drive meaningful interactions. There should also be a focus at the application-level taking the insurance functionalities where they need to go to. The future is about data integration which is not possible at scale with context without a strong IAM foundation driving it underneath.
Digital Readiness in the Insurance Sector
Looking at a sensible starting point would be to rationalise the legacy systems that still provide value but need to be fit for purpose in the whole digital story. So, the hybrid approach discussed last time sees the legacy applications sitting alongside cloud applications to best serve insurance customers. Insurers who have grown by acquisition also have a challenge in rationalising the inherited apps and systems. Here, insurers are advised to avoid the siloed business model and the vast number of independent AD domains associated with them and to instead build a more mature IAM infrastructure to best leverage the information as well as to help with future migrations.
The ability to onboard customers more rapidly could also be seen by some insurers with a more robust IAM foundation as a competitive advantage. How acquisition, onboarding and policy approvals are quickly processed through the IAM orchestration engine to the sales and marketing functions supports the notion that customers who want convenience are more likely to take out a policy with an insurer who can fulfil this.
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