Tinsights

Report: overcoming the business challenges to achieve digital transformation

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In this report, The Insurance Network and Guidewire reflect and analyse on the findings in a research programme on how to tackle the key challenges in digital transformation as the insurance sector responds to the pandemic and the demands of the digital age.

The digital clinic that The Insurance Network co-hosted with Guidewire in January marked the end of a research programme that sought to identify and tackle the key challenges in digital transformation as the insurance sector responds to the pandemic and the demands of the digital age it has helped precipitate. Nearly 100 director level respondents shared their views with us last summer when we surveyed them to establish their key concerns – the survey report is available here – and many of those survey participants also submitted questions for the clinic. We’d like to thank everyone who participated in both.

The clinic featured a Q&A session where Jeremy Burgess from TIN asked questions submitted by our audience to an expert panel. We split the questions into four categories: the customer, and some of the operational challenges we need to overcome in order to become more customer focussed; legacy challenges, and what needs to be addressed most urgently to enable digital change; data, and the opportunities for leveraging it both now and in the future; and finally shifting organisational culture and changing mindsets to enable change.

The panel featured Steven Zuanella, Group Chief Digital Officer at Generali, Jacob Abboud, former CIO at Allianz and AXA, and René Schoenauer, Director of Product Marketing EMEA at Guidewire.

The customer

Jeremy stared the session on the customer by asking the first question submitted by our audience:

Customers have a very high level of expectation in terms of their digital experiences – how have you approached reducing points of friction for your customers, to provide an experience that is as seamless (and consistent) as possible?

Steven Zuanella kicked us off with an insight into how Generali have coped with expectations that have been rising for a long time, but that have escalated over the course of the pandemic. Steven put these rising expectations in the context of insurance as an industry being “a not particularly friction free business model”, and one that has struggled to deliver digital experiences comparable with other sectors.

Generali have been working on 3 key areas to try and reduce the friction points within the business:

The first way we’ve done that is by trying to actually simplify the language that we use. We have a programme (called ‘BE 1’) to make all of our documents, communication and interaction with customers as simple and straightforward as possible, not just for ourselves, but also for our agents, our distributors and for our third parties as well...

To continue reading, download the report now

download the report now

To watch René's interview on the digital clinic highlights, click here

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