Digital insurance: From policy-centric to customer-centric

CSC Blogs Journey to Digital Health

Traditionally, insurers have competed on their ability to develop complex new products and sell them through a large network of agents and advisors. An inside-out focus on product innovation, transaction processing and operational efficiency has dominated the agenda. However, a critical shift in the marketplace has redefined an insurer’s path to success. Influenced by the creative economy and its innovative approaches to business-to-consumer commerce, today’s insurance customers and prospects are demanding an entirely different relationship and buying experience from their insurance carriers. Outside-in thinking and a focus on the end consumer is now top priority.

The shift to a customer-centric approach is not simply about getting customers to conform to a carrier’s notion of how to purchase coverage or file a claim. Instead, it’s about recognizing each of us as individuals, and enabling us to engage in a manner that’s personalized and tailored to our preferences. Internal systems, processes and organizational boundaries cannot be constraining factors.

To deliver such a personalized and tailored experience, insurers need to develop a 360 degree understanding of their customer across lines of business, products, processes, and even geographies. That understanding must evolve over the lifetime of the relationship, and should be informed by data insurers currently possess, data they acquire from external sources, and data policyholders share in exchange for value-added services.

Delivering on this shift means innovating at the edge, investing in new systems of engagement and systems of analysis. The goal is to deliver a seamless, omnichannel customer experience across an increasingly diverse range of new and existing channels – enabling each customer to engage in their own, highly personalized buying journey.

A comprehensive look at how digital can power forward the enterprise: csc.com/power-forward

Read more in this paper, Journey to Digital Insurance.

This paper is part of the Journey to the Digital Enterprise paper series.


 

Brian Wallace

Brian Wallace is the chief technology officer for DXC’s global insurance business, driving technology strategy, client-focused solution development and the ongoing alignment of DXC’s capabilities to the needs of the insurance industry. He engages with clients, prospects and partners around digital disruption and the future of the insurance industry.

 

 

RELATED LINKS

Digital Insurance: From Data Capture to Data Analytics

Modern applications for a software-driven world

Journey to the Digital Enterprise Introduction

 

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