Now is the time for change!25th April 2017
Insurance has been a slow industry to embrace change offered by new digital technology. With large businesses often struggling to embrace more agile ways of working and seizing the opportunity presented by new technology.
Typically some of the major insurers are spending a third of the consumer’s premium income on administration, overheads, sales and marketing. Continual cycles of efficiency savings, resulting in companies ‘making do’ without significant improvement in performance or customer experience
Carrying the weight of legacy
Often established insurer and broker businesses, are hindered by legacy systems or back-end administration and even employee scale – with the required business process, often providing critical structure and control but also slowing down the willingness and ability of those charged with customer service, to embrace the opportunity of change.
When a business is able to deliver a large implementation, once complete they are often become unwieldy legacy, requiring significant IT budget, leaving little time, or money for internal innovation and value creation.
So why is it now turning heads inside insurers and brokers alike?
We believe this a ‘real’ moment of change… when insurers and brokers are being asked to stand-up and respond to the intense pressure in the market. From aggressive competition and increasing regulatory change to rising customer expectations and the impact of the adoption rates of new technology.
The market is beginning to catch-up with other sectors and the increasing expectations of their customers. Making up for decades where these businesses have relied on providers of massive, all-encompassing legacy systems, built for capability and scale but very difficult and costly to evolve to meet the increasing requirements of todays change.
Insurers and brokers are looking at how they compete, grow their business and impact profit, whilst creating a differentiated service to their valued customers.
Now is the time to look at capability in the market and identify new technology that can unify functionality from traditional core systems and creative differentiation in service. Transforming siloed channels into a single, seamless brand experience – that is easy to use, flexible and cost efficient to manage.
A wave of startup-driven innovation putting customer experience and technology in the spotlight, highlighting the challenges these traditional companies often face.
We feel each business must now embrace innovation as part of the everyday, create ownership of the customer experience within the board and draw inspiration from other industries – from banking into retail and beyond.
Now is the time for change. HUGHUB would be delighted to see how we can help you meet your business challenges today.