If, in this decade, we are going to truly see a vast shift in customer behaviour owing to the digital space, then as insurance practitioners, we should have already acquired the skills to handle this evolving consumer.
A technologically savvy customer needs a technologically savvy practitioner on the other end of their device. In fact, as an industry, we should always be a few steps ahead of our customers, set the tone instead of chasing developments.
It is of paramount importance, therefore, that insurance professionals develop the following digital muscles within this decade, especially at the start of the decade, if they are to remain relevant:
- Digital know-how on the use of drones and artificial intelligence (AI) when dealing with underwriting and pricing as well as processing and settling of claims.
- Curiosity on digital trends within the insurance landscape, such as how blockchain and innovation can help enhance what the industry offers.
- Use of technology to improve efficiencies and turnaround times.
- Offer new products and services aligned with current digital trends as exhibited by customers.
- Find ways to reach underserviced demographics and the uninsured through digital means.
- Use Big Data to ascertain the clues left by the digital customer on how they would prefer to be serviced.
What technology does for any industry, is provide us with the opportunity to be better than we were before it. The onus, however, will always rest on us, on how hungry we are as individuals and institutions, to be better than we were. We could have all the technology there is in the world, but until we do the work, it will have no impact on us, our clients or our industry.