The Relevance of Insurance in the Digital Age

by Catherine Vanmarseille, 14 April 2016

Financial Services
Insurance
assuralia
cem
crm
dynamics crm

RealDolmen organized its yearly insurance seminar on February 18, 2016. Keynote speaker was Wauthier Robyns, spokesman at Assuralia. He explained why Assuralia focuses on digital transformation in the insurance industry.

According to Robyns, Belgian insurers will have to change their customer service if they want to continue to grow. The spokesman for Assuralia, the professional organization for insurance companies, bases his argument on the most recent figures. Despite having a mature economy, Belgium remains stuck in the middle bracket in terms of insurance. There is clearly still room for growth and it will have to be generated mainly from the digital transformation.

Assuralia_Capture-1024x563.png

By customer demand

End customers mainly seek ease of use, says Robyns. Only 31% want to compile and manage their own insurance portfolio. Potential customers predominantly rely on their friends and acquaintances for advice. They want transparency, simplicity and speed. In contrast with other sectors, only 25% follow a long route before finding a contact person. Customers prefer to receive personal updates and want to be able to ask specific questions. Up to 75% of customers prefer a personal approach to follow up and tweak their portfolios, without being responsible for the management thereof. More than 40% would like an online platform where they can compare prices and service.

Entirely in line with the digital agenda of Minister Alexander De Croo, Assuralia also wants to meet demand for administrative simplicity and digital access to information. Customers must be able to consult the general terms and conditions online. Digital payments should also be considerably simplified. “But that’s not where it ends. If you want to hold on to your customers and want to attract new ones too, you need to go a step further,” Robyns warns us. Assuralia created an app that enables users to report accidents in a fast and simple way. Furthermore, thanks to a digital platform, photos for claims can be sent to the right insurer straight away.

Privacy and security

Robyns thinks there is a future in the world of e-commerce and online customer service. He also thinks the Internet of Things can be used to reward customers for a healthy lifestyle on the basis of information they gather and forward via smart watches. Telematics, such as small sensors in vehicles, can help to make a better assessment of damage and liability in the case of accidents and to pay out claims faster. If you use software for CRM (customer relationship management), you will be able to help customers quicker, as all the information you need is there in front of you. Collecting information, storing it in the right place and linking it to actions can all be done via specialist CRM systems such asTravi@ta CRM for Insurance Carriers.

According to Robyns, the biggest challenges with this revamped digital service are privacy and security. Insurers will have to cooperate with reliable technology partners and also reinforce their bond of trust with the customer. “Insurers will need to be transparent and open in their communication towards their customers in terms of what is measured and how the customer can benefit from that,” says Robyns. “Digitalization offers a lot of opportunities for those who use it wisely,” he concludes.

For more information about Travi@ta, our CRM solution for Insurance Carriers, follow this link.

You can also watch more video’s and download all the presentations of our insurance seminar here.

This blog post is part of a monthly series about IT in Financial Services.