May 03, 2018
Digital Insurance: How to Ride the Wave and Not Get Left Behind
We recently hosted our first ever digital insurance workshop together with our partner Pericom. 40 attendees joined us at the Mandarin Oriental Garden Suite in Singapore to learn more about the rise of Insurtech and ongoing developments in Fintech.
So that you can also discover how your business can move forward in its digital transformation journey, I want to share some of the learnings from the workshop:
Moving to the Future FAQs are becoming a thing of the past.
Kelvin Foong, co-founder and senior consultant at Claims Clinic, presented on the past, present, and future of the insurance landscape. He showed how technology trends have evolved by looking, for example, at the differences between a chatbot and the traditional FAQ. Some of the features remain the same, but differences such as the customer asking a question and a chatbot searching for the best answer versus a customer scanning through static information does have a big impact on customer experience. Personally, I prefer having contact with a customer service representative rather than reading through an FAQ list. With an FAQ list, half the time I can’t find my question, and if I do find my question, I usually can’t find all the information I need.
From Lax to Loyal The work pays off when it comes to gaining loyal clients.
Speaking of customer experience, Appway’s insurance lead, Martin Spengler, shared a customer journey map and explained why this is one of the key tools to designing and managing a superior customer experience. He spoke about ‘moments of gain,’ which are the best times for insurers to turn their customers into loyal clients.
Paper is the Past Digital data is more efficient and less prone to error.
Our last speaker, Ryan Ng, General Manager of Pericom, showcased how the company has used ABBYY optical character recognition technology (OCR) in recent insurance projects. She shared how OCR can help increase the speed of claims processing by transforming the data from hard copy to highly accurate electronic data. Our lead consultant, Wei Yee Lim, also demonstrated how we combine the ABBYY OCR capabilities with our platform to provide a top-notch and unified customer journey.
New Generation = New Approach Millennials expect businesses to engage them wherever they are.
To wrap up the workshop, our Director of Business Development, Jacqueline Tan, chaired a panel discussion, where she asked the panel a lot of interesting questions, including, “What should insurers be doing to stay ahead of the curve and what they need to adapt to engage millennials on their terms?” As you know, millennials are more tech-savvy and most prefer self-service, happy to research on their own before they make their purchase. This is a big change compared to ten years ago when customers didn’t have this option and had to speak to an agent to understand more about the available products.
Yvonne NgaiMarketing Director APACAppway