Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

Defining an Omni Channel strategy for insurers

Posted on: 23 May '14

Omni channel is inevitable for the insurance industry. Legacy challenges and budget constraints make it difficult for insurers to view Omni Channel as a vital strategic initiative. However, Omni Channel may well prove to be the trump card for creating a more engaging experience with your customers.

An Omni Channel Strategy Can Elevate Your Game Plan
Omni Channel refers to the ways prospective customers research and engage through a multitude of channels ranging from traditional brick and mortar, independent agents, online, mobile and social among other avenues. An Omni Channel strategy recognizes the profound changes in the traditional customer purchasing journey and responds by developing a seamless customer engagement experience across channels.

A successful Omni Channel strategy covers more than just channels. And, those who focus solely on channels typically end up creating redundancy and subsequent integration problems.  A successful Omni Channel strategy provides a unified gateway to drive more sales while simultaneously improving customer satisfaction.

Steps to an Omni channel Strategy
Constantly changing customer preferences and engagement methods make it difficult for insurers to tackle a cohesive Omni Channel strategy – there are just too many moving parts. The good news is insurers are not late to the game.  Here is a framework to think about:

Omni Channel strategic framework

 

Step 1: Assess. Insurers should begin by assessing their digital maturity across business proesses (strengths in mobile, web portal marketing and fulfillment) and identify their blind spots & bottlenecks on the ground.  It’s a good idea to take a cue from service industries such as banking, retail and aviation that are already adopting digital channels. The specific may be different, but the conceptual framework is largely similar.

Step 2: Define. The next step is to define and build an overall digital strategy, governance structure and appoint an owner who will drive the needed changes across the company. The governance structure also will define the best practices, metrics and guiding principles to be adopted as the roadmap is kicked off.

Step 3: Segment. Next, identify and prioritize customer segments and build tailored value propositions (products, services or both) that leverage the Omni Channel ecosystem for each customer segment. This step includes simplifying processes, organizational structure, channels and systems for each customer segment.  It is best to start with one business process or area at a time (marketing, sales, purchase, distribution, claims, payment, etc.) and build Omni channel ecosystems around it before venturing into other areas. Phased execution is a must.

Step 4: Align. Next, align the customer segments with the overall strategy.  Insurers must also realign ongoing projects to fit in with the overall strategy. The goal for the Omni Channel engagement ecosystem is to deliver the same value and consistent experience across all channels

Step 5 & 6: Measure and Improve. Finally, it’s vital to understand customers and their needs and preferences.  To do that, companies must invest in data analytic systems that track customer behavior across channels and modify their strategy around the information and insights they produce. The metrics and guiding principles defined as part of the governance structure play a key role here.

Summary
Omni Channel trends offer a great opportunity for insurance companies to innovate by putting customers at the forefront and building products and engagement models around them. Omni Channel focus is a must to stay competitive and profitable in today’s digital world. Want to learn more?
Visit: https://www.mindtree.com/solutions/omni-channel-service-orchestration;