Digital Transformation in Insurance: Customer Engagement & Operational Agility: A Virtual Experience

Welcome to The Digital Transformation in Insurance Conference

The social purpose of insurance is to pay claims during times of crisis – every day insurers pay £37m in motor and home insurance claims alone. Yet many customers still feel disengaged.

With the regulator focused on competence, customer outcomes and culture, building a genuine profession will become increasingly important.

This session looks at how digital transformation of insurance might impact upon this aim and highlights some of the opportunities and challenges that could emerge.

• The importance of intuitive and personalized customer experiences to meet rising expectations
• Enhancing and tailoring services through the use of claims and policy data

Insurance like most major industries is trying to address the ever more demanding and empowered digital consumer. In order to meet expectations insurers must increase product personalisation, reduce time to market and digitise business logic. Rising up to the challenge requires automation powered by AI.

We welcome Bartosz Golba from GlobalData to present his research into impact of COVID-19 and how the insurance industry is reacting to, and adapting to, these challenges using digital solutions.

The insurance industry is undergoing a cycle of transformational change. This cycle presents challenges and opportunities as a result of the impact of new regulations, the number of innovative technology solutions being deployed, shifts in customer expectations, and increased competition from insurtech players.

To navigate such change, insurance organisations need access to the right tools, skills and technologies to be able to stay ahead. But what are they and how can you assess what you currently have, what you need for the future and how you can use technology investments for better customer experiences, improved operational efficiencies and stay ahead of the competition?

In this presentation Marlon Bromfield Head of Propositions and Innovation at Sopra Steria will cover:

• Why more than 50% of insurance organisations admit they are losing momentum with technology transformation and more than 80% want to accelerate progress
• How insurance businesses are struggling to balance investment in legacy technology vs new technology, resulting in one in five digital transformation projects being cancelled
• Why putting your customer at the heart of technology investment decision making is the key to success
• How Insurance organisations can prioritise technology projects which result in better customer experiences, reduced operating costs and quicker speed to market for new products and services
• The importance of measuring progress from your digital transformation programmes aligned to business priorities

Harnessing innovative technology to deliver a better customer experience, drive increased retention and higher business growth.

• Integrating technology as part of core business strategy to stay agile, flexible and keep pace with change
• Successfully navigating the culture change required to implement digital transformation
• Finding the balance between the physical and digital world to stay relevant
• Practical digital use cases to boost customer satisfaction and back office efficiency

Key points:

• Digital Transformation should not result in new legacy being created
• Transformation needs to be more outward- than inward-looking: marketplace heavy rather than enterprise heavy
• Transformation strategy centred around insurance middle office successfully addresses new challenges of the “connected insurance” era

Join Ian Bartholomew as he discusses:

• what do changes in data/tech mean for the advent of consumer parametric insurance
• what is the impact on data/tech improvements on the claims experience

 Audience questions also welcome.

• What are the best approaches to planning and executing a successful customer-centric journey?
• Overcoming the challenges customer data, technology and culture to speed up the claims process
• Exploring the cultural barriers and behaviours to digitizing claims
• Building the business case to secure buy-in from the leadership team

Now more than ever, every contact counts in your customer service operation and the notion that manual QA and customer survey data with their statistically imprecise results is giving way to the significant advantages of 100% interaction analytics. Contact Centre professionals and industry insiders now universally recognise that speech analytics is the must have technology for Insurance organisations to support regulation adherence, improved agent performance & customer satisfaction, reduced operating costs and increased sales revenue. While the gains from automated analytics in agent performance, voice of the customer insights and optimal contact centre outcomes is real, for some, the notion of migrating from a manual QA and survey only CX analysis can appear to be a daunting process. It doesn’t have to be!

Join CallMiner’s Mark Lockyer as he overviews how the technology works and how speech analytics can be configured to support the measurement and improvement of customer experience both in crisis and periods of normalcy, highlighted by actual customer case studies with real, sustained outcome improvement results.

• Introduction to themes and thematic research
• Digitisation and why companies are reinventing themselves
• Overview of digitisation of insurance customers and the impact on insurers

How businesses of scale have embraced User Experience design to improve the efficiency of their internal systems to save time and money – and what the insurance industry can learn from these examples.

Instinctive demonstrates how User Experience design improves operational efficiency for businesses that have internal systems, as well as broker and retail channels.

Using examples from fintech, eCommerce and utilities such as Legal & General and Utility Warehouse; Instinctive brings a fresh perspective and insight from businesses that have benefited from User Experience design as part of their own Digital Transformation journey.

• Strategies to attract and retain the best people
• Reskilling the existing workforce and implementing innovation strategies with teams experienced in traditional business models
• Embracing collaborations with insurtechs and third parties to accelerate transformation

Exploring how to deliver bespoke investing, savings, and advice propositions quickly – keeping costs low and operations lean.

• The ecosystems priority for growth from exploring new business models, products and services to meet rising customer expectations
• Securing strong partners and collaborations for creating new customer value
• Balancing innovation investments with cost efficiency

Welcome to The Digital Transformation in Insurance Conference

The insurance industry is increasingly adopting technology into a number of different polices allowing providers to increase engagement with policyholders, improve the claims process and even gamify policies. It is crucial for the industry to understand which products consumers are most comfortable for technology to be incorporated within, in order to maximise the potential benefits.

• The importance of intuitive and personalized customer experiences to meet rising expectations
• Enhancing and tailoring services through the use of claims and policy data

Insurance like most major industries is trying to address the ever more demanding and empowered digital consumer. In order to meet expectations insurers must increase product personalisation, reduce time to market and digitise business logic. Rising up to the challenge requires automation powered by AI.

• Defining a modernisation strategy for operational agility in the digital age
• Understanding the key factors for ensuring successful legacy modernisation
• How are cloud based tools replacing legacy systems and enabling rapid integration

The insurance industry is undergoing a cycle of transformational change. This cycle presents challenges and opportunities as a result of the impact of new regulations, the number of innovative technology solutions being deployed, shifts in customer expectations, and increased competition from insurtech players.

To navigate such change, insurance organisations need access to the right tools, skills and technologies to be able to stay ahead. But what are they and how can you assess what you currently have, what you need for the future and how you can use technology investments for better customer experiences, improved operational efficiencies and stay ahead of the competition?

In this presentation Marlon Bromfield Head of Propositions and Innovation at Sopra Steria will cover:

• Why more than 50% of insurance organisations admit they are losing momentum with technology transformation and more than 80% want to accelerate progress
• How insurance businesses are struggling to balance investment in legacy technology vs new technology, resulting in one in five digital transformation projects being cancelled
• Why putting your customer at the heart of technology investment decision making is the key to success
• How Insurance organisations can prioritise technology projects which result in better customer experiences, reduced operating costs and quicker speed to market for new products and services
• The importance of measuring progress from your digital transformation programmes aligned to business priorities

• 90% of all the data in the world was created in the last two years. Phones, cars and cities are collecting millions of data points every day. So how can we harness this data to build better insurance policies?
• How are machine learning and risk intelligence algorithms enabling insurers to use data like never before to quantify risk and offer realtime insurance for the first time ever
• Flock will use the example of its insurance product launched in the drone space in partnership with Allianz and then explore how the approach could be applied to existing insurance lines to cover everything from aviation to autonomous cars.

Key points:

• Digital Transformation should not result in new legacy being created
• Transformation needs to be more outward- than inward-looking: marketplace heavy rather than enterprise heavy
• Transformation strategy centred around insurance middle office successfully addresses new challenges of the “connected insurance” era

• Why it will be all about the customer experience
• Changing (digital) customer touch points impacting the established relationship
• From digital products, to digital platforms, to digital ecosystems
• Business model implications for the insurance industry

Welcome to Day Two

Richard Beaven, COO of Brightside Group will be available to answer audience questions.

Visit the Exhibition – or make yourself a cup of tea!

Visit the exhibition – or make yourself a cup of tea!

Harnessing innovative technology to deliver a better customer experience, drive increased retention and higher business growth.

• Integrating technology as part of core business strategy to stay agile, flexible and keep pace with change
• Successfully navigating the culture change required to implement digital transformation
• Finding the balance between the physical and digital world to stay relevant
• digital use cases to boost customer satisfaction and back office efficiency

• Understand what drives customers decisions to purchase, or not, an insurance policy

We welcome FORCS to discuss how they deliver innovative Enterprise solutions and superior customer service, helping clients to transform into a digital organization.

FORCS

• Digital transformation and the ecosystem Vitality put in place to enable them to rapidly deploy new product innovations
• Adoption of benefits and member sentiment relating to Vitality’s response to challenges posed by COVID

In this session we welcome Bryan Phillips from Coverly to discuss how they have integrated insurance data wit online cloud accounting to ensure a streamlined quote process.

Take a break to visit the virtual exhibition – or make yourself a cup of tea!

Discussing how innovative start ups have been supported at Lloyds Lab and the successes they have seen thanks to their digital solutions.

Join this informal discussion by Ranila Ravi-Burslem, SME Solutions Director at insurance leaders Aviva as she explores the growing opportunity of the SME market. How can insurers use digital to transform their engagement with SME customers?

Welcome to Day Two

• The journey to delivering a cutting-edge technology from proof of concept to production
• Overcoming the challenge of securing internal buy-in and investment to deliver cost saving, actionable insights for the business
• Capitalising on the opportunity and value of emerging cloud technologies

• Approaches for integrating IoT into the insurance ecosystem
• Building in-house data platforms versus outsourcing and the role of partnerships
• The question of talent – developing the skills needed to really understand the data
• Exploring the opportunities and challenges from data storage and privacy to IT security with practical IoT use cases

We welcome FORCS to discuss how they deliver innovative Enterprise solutions and superior customer service, helping clients to transform into a digital organization.

FORCS

An alternate look on how fraud can be combatted using art and science.

We welcome Matthew Reed to discuss how Equipsme have utilised digital tools to ensure that they can still support their customers during this uncertain time in the face of COVID-19.

Take a break to visit the virtual exhibition – or make yourself a cup of tea!

AXA UK is using robotics to improve employee productivity as well as customer and employee experience. In this talk, Simon Clayden will share some real-world automation use cases, as well as some top tips on how to develop the skills an organisation needs to enable the workplace of the future.

• Exploring technology strategies to streamline fraud detection
• The power of AI and cloud tools to tackle fraud
• Adopting new technologies to optimise fraud investigations