Market deregulation, new competitors and changed customer expectations mean that legacy companies need to fundamentally shift their point of view and start focusing on issues like customer experience and relationships and digital transformation to support their operations. However, this is not easy for entrenched players whose focus has traditionally been on supply efficiency.
For many insurers, thriving in today's digital world depends not only on digitalising the user interface but the whole insurance process. Fear of missing out on the digitalisation hype has left many insurers stranded at the first quarter of the journey - with a polished front and an ageing back-end hardly suitable to keep pace with what digitalisation demands. Those who continue to push forward towards the finish line, will be rewarded by the improvements in the overall performance and - even more importantly - innovation-ready ecosystems.
The labour market requires that HR managers also know how to do (digital) marketing, how to sell and how to take care of key account management. This is why in the last year we have combined HR and Marketing together and created HR Marketing.
On the way to their digital future, insurance companies are considering different solutions and tools for business process management. The main promise of this kind of transformation includes digital workspaces and paperless offices. However, more ambitious Insurers involved in digitalisation initiatives should aim much higher. They should analyse and try to automate their business decisions.
Summer 2017 did not start well for Maersk. The world’s largest container shipping company fell prey to the NotPetya malware attack. Its container ships were stuck at sea, and 76 of its port terminals around the world were closed for business. 8 days of interrupted business cost Maersk almost 300 million USD in loss of revenue, IT restoration costs and other expenditures linked with the incident.
Everything is moving to cloud. So is your ERP. And that is big news even for your on-premise deployments.
Utilities industry is a perfect example of the spectrum in which the truly successful companies have understand the difference between what are customer centric processes, and what can be described as transactional processes - fail to understand this key difference, and your company will surely fail in the long term.
Migration from a legacy system to a modern core platform is a big transformation and one of the most challenging projects an insurance company can face, both from the IT and the business side. For an international company whose plan is to run such a project across different lines of business and multiple countries, the complexity is multiplied.
For a wide range of businesses, large and small, customer relationship management (CRM) systems are the most critical system when it comes to customer contact. However, in this day and age the biggest importance no longer resides within CRM – it is almost guaranteed that your Call Center will be the first contact you have with the customer, and you should be placing additional focus there.