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Building Digital Dexterity in Insurance

6 minutes, 18 seconds read

The years 2018-19 are banner years for insurers. Economic growth and higher investment income played an important role in setting the stage for customer-centric development in the insurance sector. 

But, are insurers dexterous enough in deploying technologies to enhance customer experience & improve operations? 

According to Gartner – “Digital Dexterity is the ability and desire to exploit existing and emerging technologies for better business outcomes.” Here’s an outlook on building digital dexterity in insurance workplaces.

Why Insurers Need Digital Dexterity?

Accenture reports – 42% of the digitally active customers & 22% of the quality seeking customers are willing to use computer-generated advice for buying insurance. Reason – it’s fast and convenient. 

Surprisingly, less than 40% of insurers have a holistic digital transformation strategy, World InsurTech Report 2019 states. Furthermore, the gap between Insurer awareness of the need for ‘change’ and their digital maturity is significant.

WITR-X-Capegemini-2019-report-on-digital-maturity

Source: Capgemini Financial Services Analysis, 2019; WITR 2019 Executive Interviews, 2019.

The point is – the world is shifting towards the digital model. The sooner Insurers harness AI-based technologies to streamline their operations, the higher their chances of acquiring new-age tech-savvy customers.

How to Achieve Digital Dexterity in Insurance?

Betting on technology and expecting a serious outcome is not the solution, especially in the insurance industry which is highly customer-facing and experience-oriented. There needs to be a thorough strategy to eliminate resource wastage and increase back and front-office operational efficiency. 

For instance, Amazon uses its data capabilities for the benefit of consumers. By harnessing Machine Learning technology, the company provides personalized product recommendations to consumers. Through well-informed customer service interactions, Amazon contributes to employee satisfaction and productivity. 

Being dexterous can help Insurers achieve a mean & lean business model.

#1 Automation

The traditional process requires poring over lengthy documents, handwritten notes, and more to keep up with the ever-changing regulations. Also, most insurance customer-facing processes, such as policy renewal, go through several stages.

Eliminating dependencies and automating routine processes can help the insurers scale without adding staff. For example, AIA HongKong has reduced the average claims handling time by 40%.

Read our Case Study: How AIA HongKong saves 60% through Claims Automation.

Automation in insurance can solve some of the most pressing operational challenges like agent onboarding, claims settlements, underwriting, policy distribution, and document processing along with data entry and migration.

#2 Enterprise Mobility

With the growing number of smart devices in the workplace, determining how to integrate technology with work processes and business objectives can improve operations. Enterprise mobility involves several technologies like – 5G, blockchain, AI, cybersecurity, mobile device management, wearables, cloud, and IoT. 

According to Oxford Economics Maximizing Mobile Value Report, 80% of Executives believe — workers cannot work effectively without a mobile device

The ease of communication, resource accessibility, and affordability are the prime reasons for the wide-spread use of mobile devices. That’s why organizations are open to employees using their mobile phones for calling customers, accessing emails, file transfers, and much more. Executives agree that the real benefit of mobility lies in solving operational challenges.

Millennials spend at least two hours a day on their smartphones, with 78% of the time in apps. Reaching the customers where they are and in a way they prefer is indeed a great operational catch.

Also read – How AI can improve 5 front-office operations in insurance.

#3 Value Added Services (VAS)

Considering insurance as a commodity, customers cannot differentiate the products that are available at the same price and insurers who offer similar services. By definition, a value-added service can be any offering at little or no cost to promote the primary business. 

According to McKinsey, the estimated market for insurance VAS (especially in Europe & North America) is $2 billion. VAS holds enormous potential in the risk mitigation sector. Predictive analytics, knowledge sharing, risk training and reporting, self-insurance, and crisis advisory are some of the additional services that insurers can leverage utilizing data and analytics.

How Digital Dexterity Can Benefit Insurers?

While 90% of corporate leaders consider digitization as their top priority, 83% of them struggle to make meaningful progress on digital transformation, according to Gartner. Insurers can profit from digital dexterity in the following ways.

#1 Employee Productivity

With streamlined workflows and automating mundane tasks, insurers can improve their employee productivity to a great extent. McKinsey’s Building a Culture of Continuous Improvement in Insurance, states that “…Taking advantage of a new focus on problem-solving, the back office made a few changes to standard operating procedures that reduced the number of incomplete applications, speeding completion time by 45 percent for new customers..”

digital-dexterity-for-employee-productivity

#2 Enterprise Agility

Agility in insurance corresponds to instantly accommodating the multifaceted demands of customers & responding rapidly to opportunities and disruption. According to Accenture’s Transformation GPS study, Agile firms are twice as likely to achieve top-quartile financial performance

The agile align the entire organization to a set of lightweight, shared processes because of which, it can adapt quickly to market changes.

Also, the Gen Z are par work-life balance mindset and count on deliverables more than logging time. That’s why organizations are leveraging SaaS and cloud technology to create an agile workspace. 

#3 Cognitive Capability

Data is a greater by-product of Insurance. Processing huge amounts of Big Data can be both times consuming and complex to manage at large scale. By leveraging distinct technologies like NLP, Machine Learning (ML), and Automated Reasoning — Insurers can process huge volumes of complex data, affix intelligent insights to structured data and communicate these insights clearly to all relevant stakeholders.

With the cognitive cloud, meaningful data insights are always present irrespective of device and location. For example, IBM Watson Explorer is an ML tool for cognitive insurance with deep-analytical advice, exploration, and mining capabilities. It is still learning and maturing interactions, rules, and processing logic that can apply to policies. Currently, employees can assess claims 25% faster with the help of Watson.

What the ‘Digital-Future’ Holds for Insurers?

At this age, digital technology is a strategic priority for every insurer. Accenture envisions DARQ power, understanding customers, human+ workflow, security, and on-demand experiences to rule the insurance market. 

  • DARQ power: combining the capabilities of Distributed Ledger, AI, Extended Reality, & Quantum Computing.
  • Understanding the next generation of customers and delivering individual products
  • Human+: each worker is empowered with his skills + tech-driven capabilities.
  • Security in terms of user data and privacy in the entire insurance ecosystem.
  • On-demand experiences: customization and real-time delivery can bring a lot of competitive advantages.

We’re a new-age InsurTech, providing AI and NLP based solutions to improve digital dexterity. Feel free to drop us a line at hello@mantralabsglobal.com

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Enterprises investing in Workplace Mobility Can Survive Pandemics

4 minutes, 21 seconds read

Nearly one-third of the global population is under coronavirus lockdown. Large-scale quarantines and travel restrictions are posing challenges for businesses to continue their operations. While workforce protection remains the top priority for enterprises, prolonged isolation is an eye-opener to adopt workplace mobility.

As the world continues to fight the pandemic, flatten the curve and try to maintain normalcy by working from home — teams everywhere are trying to stay productive so that daily operations can continue to some degree. But this is not an easy task. By working remotely, there are a lot of challenges especially in communication and connectivity, not to mention challenges with remaining productive throughout the day. 

There was a time when mobility at work was considered a perk. Today, almost everyone, at some point, agrees that flexibility and liberty to work from home is essential. The 2020 Enterprise Mobility Trends Report anticipates that 42% (18.7 billion) of the global workforce will embrace mobility by 2020.

The need for workplace mobility

Workplace mobility empowers people to work from anywhere, at any time and from any device. It directly impacts employee productivity as well as the speed to execute business processes. How?

Dan Ariely, in his book Predictably Irrational, categorizes human behaviour in lines with the market and social norms. Market norms apply a monetary value to every transaction — salaries or payments against skill/talent. Whereas, social norms rely on the exchange of gifts, kindness, favour, etc. and is far away from any monetary transaction. 

While stringent work policies tend to inculcate market norms (skills are calculated against salaries), flexibility instils social norms (empathy and concern). People are willing to do more on their free-will.

In this 24/7 work environment social norms have a great advantage: they tend to make employees passionate, hardworking, flexible, and concerned. In a market where employees’ loyalty to their employers is often wilting, social norms are one of the best ways to make workers loyal, as well as motivated.

– suggests Ariely

How apps and AI-driven mobility solutions for employees can keep businesses operationally afloat?

By 2025, the number of unique mobile subscribers is projected to reach 5.9 billion. Market researchers also anticipate that there’ll be nearly 25 billion IoT devices, most of which will comprise business-related connected devices. However, it’s not just handy devices that are enabling mobility at work. Technologies are also empowering businesses to readily adopt mobility. 

For instance, Google has introduced a deck of enterprise mobility solutions. It provides cloud support to collaboration apps and management tools. Apart from G Suite, Google has invested in android and chrome platforms to support workplace mobility. 

Workplace mobility apps and features

Many organizations require time logs to ensure overtime and bonuses. Apps like SecurTime provide a cloud-based time-attendance workforce management solution with real-time tracking. It seamlessly integrates with payroll/HRMS and biometric systems without any dependency on hardware.

When people work remotely, creating a virtual collaborative environment can concern businesses. While email is the channel for all formal communication, it’s usual to lose track of conversations in emails and messengers. To organize work and priorities at the team level, Slack and Trello are popular apps.

Organizations with in-house software development teams often face hassles while planning, tracking, resolving bugs & issues and releasing products. Jira — an agile project management tool helps organizations to track every phase of product development and team progress irrespective of their physical location.

AI-driven enterprise mobility solutions

Mobile devices and cloud platforms are making it easier for teams to collaborate and deliver. Moreover, employees save substantial time on travelling, which gives them time to indulge in activities that foster creativity. 

Gartner predicts that by 2021, 40% of new enterprise applications will include AI technologies. So far, the adoption of AI was seen in consumer-facing operations to enhance customer experiences. Now, organizations are also focusing on enhancing employee experiences. For example, leading organizations are using NLP-powered chatbots for handling employee-queries regarding leave, work from home intimation, business-travel, etc. 

[Related: AI in recruitment and discovering talent]

Technology can equip employees with information at hand. AI solutions like Zelros provide instant information to Insurance sales advisors regarding products, clients, etc. 

AI-powered applications are becoming more human-centred and they can execute commands without touching/pressing a button. For example, with gesture recognition technology and voice user interface, simple tasks like sharing a file, reading a report, etc. can be done while driving, spending time with kids, evening walks, etc. removing dependencies that delay work.

[Related: How does AI recognize hand gestures]

The use of AI is evolving to automatically prioritize problems and send notifications to the concerned departments. SVM (Support Vector Machine) and CNN (Convolutional Neural Network) are machine learning algorithms for building classification models.

The bottom line

While one can prevent wars, natural calamities and pandemics are unavoidable. In the current context, the heat of the Corona outbreak is severely impacting industries including aviation, e-commerce, education, tourism, entertainment, hospitality, electronics, consumer and luxury goods. Businesses are thriving to remain operationally afloat. 

Embracing mobility at work today can prepare organizations for tomorrow’s pandemic resilience. 

Mantra Labs is helping enterprises invest in building their pandemic resilience by planning and scaling their mobility infrastructures, and enable greater use of mobility as a service. Talk to us today to know how we can help you, or reach out to us at hello@mantralabsglobal.com.

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