Exco | Chief Strategy Officer | Adaptability, Responsibility, Transformation, Technology, Leadership
The experience / efficiency paradox. ?? I've long wanted to use this word in a published article. Paradox is such a great word after all. It conjures up a wonderful set of scenarios in people's minds. ?? And in this article for Insurance Thought Leadership I was lucky enough to get to write about how insurers are uniquely placed to gain efficiencies whilst improving experiences. ?? KEY TAKEAWAYS: ?? Insurance, like most industries, often sees a clash between the desire to be more efficient and the desire to provide a great experience for customers and employees. But there doesn't have to be a tradeoff. ?? Rethinking how data is updated, for instance, can create great efficiencies for the insurer while providing a much better experience. Why make customers and employees update three policies with a single insurer when one update could flow into all three? ?? The challenges to resolving the efficiency/experience paradox used to be technological but now boil down to having the right mindset. #ambitiousinsurer #ecosystems #insurance EIS Ltd Alex Moscow Zoe Symonds Sara Perez Insurance Innovators Paul Wishman Ellen Kay Paul Whiskin Jonathan Phillips (JP) Jason Thackeray Lisa Wardlaw Bijal Patel Andre Symes Andrew Gomarsall MBE Philippe Lafreniere Matt Gilham
Mike Daly
1 年
Given the increase in complaints across motor and home insurance in the UK , your article on achieving improved UX AND Efficiency is timely Rory Yates. In parallel Matteo Carbone published an article*** on how IoT/Telematics can be harnessed to improve UX and Combined Ratios. Joint research with Swiss Re shows: - The three things that U.S. customers want most are rewards, automatic emergency assistance in the event of a crash, and anti-theft support. Driver conveniences, such as weather information, car location finder, car maintenance reminders, and claims support are also of interest. Yet the IoT Observatory with over 6 years of global industry data, estimates even basic UBI products and services have only 5% penetration. Never mind a holistic approach to deliver what customers want. Technology is no longer a barrier; the mindset and determination to succeed must be harnessed to leverage it. *** https://www.dhirubhai.net/pulse/u-turn-us-personal-auto-insurance-tech-secret-bringing-matteo-carbone%3FtrackingId=HLAwQjl4RLadJG2rqFaToQ%253D%253D/?trackingId=HLAwQjl4RLadJG2rqFaToQ%3D%3D
Anthony Grosso
1 年
The points are great ones. And here is an added wrinkle. I remember when I was at the Hartford in the L&A space where a single customer address couldn't be changed on contracts because they were individual contracts and required their own authenticated request. That was like an eon ago. Hopefully (regulatory?) restrictions have changed as they grapple with changing regulations based on technology modernization and customer expectations. Because when that regulation was created, it was very much a paper-based world.
Matt Gilham
1 年
Hi Rory Good points, as always and well made. I guess some lessons from the fraud front: - There’s no paradox. At least in leading thinking and doing. We’ve moved from ‘either or’ to ‘and both’. No trade off. Ignore ‘sweet spot’. Set the graphic equaliser to ‘win at both’ - think also Effectiveness. Efficiency - how well we do it. Effectiveness- the impact we have. Not saying it’s easy. But setting the bar high and vision bold, means even in ‘failure’ you’ll be significantly better than tweaking round the edges.
Felix Trusler
1 年
Completely agree. It’s that innovation mindset, which when adopted, has immense power to move things forward for the greater good in insurance (and elsewhere!) Hugo Pickford-Wardle talks about this often .
Exco | Chief Strategy Officer | Adaptability, Responsibility, Transformation, Technology, Leadership
1 年Cate Kay