By Ashley Adelman | Posted on March 12, 2018
Crafting a cohesive, seamless digital experience for consumers is a challenge for all industries planning to compete in the digital age, but it is particularly challenging for companies in the insurance industry actively seeking digital strategies that work within their business models to win, serve, retain and grow their customers.
What are the obstacles to the insurance industry's digital transformation?
Well, for starters, the insurance industry is incredibly complex. Within the industry, there are types of insurers - life, auto, property & casualty, among others - that deal with vastly different trigger events, thus processes. There are also a lot of customer touch points. An automobile insurance customer, for example, will interact with an agency or seller, adjusters, claims personnel and more. Additionally, the policy holder could have multiple cars, each with its own identity (mileage, accident history, make/model), as well as multiple dependents with different driver’s licenses, traffic histories and ages. In order to effectively leverage the benefits of digital transformation, insurers must not only collect, but organize identity data using accessible, actionable schemata.
In our Reinvent Yourself as a Digital Insurer webinar last week, Forrester Analyst Ellen Carney discussed the state of the insurance industry and the factors driving digital transformation, while Janrain CEO Jim Kaskade identified the challenge, illustrated the needs of insurers and suggested a solution. Watch the full webinar here.
This infographic pulled directly from Jim’s slide deck illustrates the volume of identities insurance industries interact with. Though it’s not comprehensive, it certainly depicts the multitude of relationships and identities an insurer must manage. On the flip side, it shows how many different types of insurance providers a single person must interact with. So, from both perspectives, a solid identity management strategy is critical to track consumer behaviors and needs on the backend while creating a more personalized customer experience on the front end.
Jim also touched on how the Internet of Things further complicates this web of information. Insurers are more frequently relying on smart objects such as mobile beacons, security systems, wearable fitness trackers and more to enable usage-based models and discounts for policyholders. Now, not only do insurance companies need to track identities of its policyholders, their dependents and their property, they need to track the object identities to collect and effectively use their rich consumer data.
In order to compete with new entrants in the space, such as creative startups challenging the traditional insurance model and tech giants entering the space, insurers must embrace the web of identities within their network and leverage the data from each of these information-rich touch points to their advantage. By implementing a solid insurance identity and access management strategy that is designed to support massive quantities of customer data, an insurer can begin to craft the seamless customer experience consumers demand.
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