Digital innovation has trans- formed entire sectors of the conomy over the past two decades and placed enormous
pressure on companies to evolve their
strategies to maintain relevance in the
marketplace.
Customers have witnessed a digital
revolution that has streamlined everyday
activities ranging from depositing checks
to renting movies and hailing taxis.
Insurance leaders are well aware that
implementing a digital strategy with-
in the operating environment of a life
insurer represents a more complex set
of challenges. Unified digital strategies
are inherently complex to develop and
execute, but the life insurance industry’s
organizational silos, multiple distribu-
tion channels and legacy technology
considerations make the work especially
difficult, impacting the speed at which
these strategies are adopted.
The challenges presented by the dig-
ital revolution also represent significant
opportunities. Insurers have new tools
for increasing the quality of customer
interactions and deepening customer
relationships while continuing to drive
operational efficiencies in a prolonged
low-interest-rate environment. Like most
companies, life insurers must adjust their
strategies and business models to stay
competitive; failing to adapt to the fast
pace of change in the digital economy
risks disruption from more agile players.
EY’s recent Global Digital Survey
found that carriers who can differenti-
ate their customer service experience
through a carefully designed, thought-
Insurers Transform
Customer Service
Through Digital
Innovation
Digital represents a continuous form of disruption to
existing or new business models, products, services
or experiences enabled by data and technology.
Effectively leveraging digital innovation can allow
life insurance companies to reduce customer service
costs while increasing both customer satisfaction
and retention.
By Frank Memmo Jr., Oscar andrade and David rivero
