Ahead of Digital Transformation in Insurance 2017 we spoke to UK General Insurance Content Head Stewart McEwan about what he’s looking forward to at the event and how digital developments will shape the insurance industry and evolve the customer journey going forward.
What is happening within insurance at the moment that excites you?
We’re seeing new, agile propositions in the market raising the benchmark for the customer purchasing journey via use of artificial intelligence chatbots. I think the solutions chatbots can provide are a perfect fit for insurance providers and a central element in propositions seeking new ways to engage and improve the experience of customers’ a) understanding of insurance, b) purchasing journey, and c) management and control or their policies.
Which presentation are you most looking forward to?
I’m looking forward to Zurich’s UK social media manager Keith Lewis’ presentation on insurers’ use of social media, and hope for a lively conversation to follow. Looking at how to harness social media is not a new subject for the insurance market, but I still don’t think the industry has got to where it needs to be, and an update on the state of progress should be good to hear. Customer service via social media needs to be viewed as a vital resource rather than a drain – providing not only customer service in and of itself via the channels customers now want to engage through, but also playing a pivotal role in both marketing and customer-centric product design.
I’m also excited for the elephant in the car insurance room to be addressed in the day one big debate session on whether autonomous vehicles could kill motor insurance.
How do you think digital technology will change the insurance industry in the future?
For insurance, technology is increasingly asking questions of the very fabric on which the industry is built. Various smart devices are moving the conversation from one in which an insurer offers risk transfer to one in which it will be competing with others to offer risk management – pre-emption of the peril. This entails a different form of service, requiring a very different level of customer engagement and interaction from what traditional insurance has achieved up to now, and possibly within an environment where other companies ahead of the curve will look to dabble.
It’s far too early to be predicting the complete disappearance of the insurance space as we know it, but the most well-rounded propositions are going to start evolving to cover both prevention and cure and find ways to monetize that.
Digital Transformation in Insurance 2017 will deliver actionable content about the whole end-to-end insurance process. Focusing on both front- and back-office functions, this strategic event is about how to use digital tools to expand your customer base and improve internal processes to ultimately grow your business. You can register for the event here.
By Stewart Mcewan, Head of Content, UK General Insurance