In this new era of automation, customers are increasingly exposed to technology and there is minimal interaction with humans. The insurance industry has particularly had a digital shift and technology is at the core of all operations. This requires a move in the role that individuals play in the industry, more focus on customers and less focus on processes. In the past couple of years, human beings feared that technology would eventually replace them, this has eventually happened and companies can now focus on the value that human beings bring to technologically advanced industries.
Effective communication has become more crucial and must be cultivated within the insurance industry. Customers are often exposed to human interaction with insurance agents, but this interaction is usually minimal and mostly scripted, i.e. call centre staff that are responsible for signing up for insurance covers or claim consultants that deal with clients in cases of emergencies. We live in an era where scripts are no longer relevant as they simply miss the authentic connection to clients and negatively impact the customer experience.
According to Inside Careers, specialists in niche job boards, some of the soft skills that are now expected from new entrants into the insurance industry are good communication, negotiation, problem-solving, and lateral thinking skills.
Good Communication
This is the most important skill that individuals employed in the insurance industry need to master, due to increasing interactions that take place remotely. Good communication requires a certain level of patience, listening, and most importantly understanding the needs of the clients. Understanding the customer and creating unique experiences are critical in fostering indelible customer experiences. It's challenging to engage remotely as there are no non-verbal cues to guide the conversation. Agents are now required to learn how to persuade clients and build an effective rapport creatively.
Negotiation
The insurance industry is one of the industries that are often faced with customers that don't know what they have signed up for. Customers do not always read their policy documents and those that do, don't always fully comprehend what is covered in their policies. This causes a lot of dissatisfaction when it comes to dealings with clients. Claims representatives are required to have strong negotiation skills that will empower them to educate clients in a non-condescending way and assist in building good relations with clients, even under difficult circumstances.
Problem Solving
You are guaranteed to come across challenges that require creative solutions in all roles within the insurance industry. Brokers are constantly challenged to provide covers for clients with atypical insurance needs. This is becoming increasingly common and brokers need to find ways to work around these to ensure that they provide relevant covers to clients. With increasing complex risks, actuaries are also confronted with the issue of calculating unpredictable risks. It is imperative for insurers to invest in developing problem-solving skills within their workforce to cater for the changing world of work.
Lateral Thinking Skills
Forbes has identified lateral thinking as the most valuable skill in difficult times. Covid-19 times proved this theory true. The insurance industry was faced with the most difficult challenges to manoeuvre with limited time and restricted resources due to lockdowns. Leaders in the industry were forced to activate their lateral thinking skills to stay afloat. In an industry that does everything by the book, lateral thinking is probably one of the most difficult skills to adopt. We have however proved that it can be done.
In conclusion
It is evident that digital transformation has changed the dynamics of the industry, and the skills required to remain competitive. As an industry, we need to shift the focus to soft skills, as they are the key to thriving in this era. This is driven by the need to focus more on the customer, their needs, and most importantly to hear what they are not saying.