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How to turn your customer engagement into an economic engine

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Nov 7, 2023

Customer engagement is a company’s economic engine, enabling companies to grow and thrive, as shown by e-commerce firms and banks, taking this engagement to the next level. It’s not that easy for insurers, especially for those who have only limited communication with their customers, or who have outsourced this to brokers.

For this editorial, we sat down with Samuel Knott, Sales Director UKI at Fadata to discuss customer expectations in the insurance industry, tech investments and what Fadata can offer insurers to improve their relationships with their customers.

Samuel, how have customer expectations in insurance changed?

Samuel: “Policyholders expect hyper-personalized offerings. So it’s very important that insurers have the ability to obtain data about their consumers and know exactly what it is that they want. A broad, generic product that doesn’t fit those needs, doesn’t really hold value these days. Another thing we see is that consumers want instant value. Waiting a couple of days for a package to be delivered is too long: consumers want it within 24 hours – or even the same day. These changing customer expectations also translate to insurance. And as we know, it’s quite hard to attach value to an insurance product.”

How can insurers rethink customer engagement and turn it into an economic engine?

Samuel: “Currently, with high inflation and economic pressure heightening, people are avoiding expenses that they don’t think are necessary. Unfortunately, insurance is often seen as one of these expenses, because its value may not be immediately clear, other than at the point of claim. Giving something back to the policyholder beyond the standard point of renewal might increase the value of the product. Giving back services or things such as data information or wearables provides the opportunity to implement more positive touch points alongside the standard policy.”

To create real differentiators, in which areas should insurers focus their tech investments?

Samuel: “I think it’s important to focus on the areas where we can expect the most impact. The claims journey is a key area, where improvements need to be made; how claims are being handled and how it’s delivered to the end client. I think we have a responsibility as an industry, to show that insurance really is an industry of care and find ways to proof this and give back to the policyholders. When it comes to claims, we have to make sure the process is seamless and, where possible, provide straight-through processing: providing our customers with fast and accurate journeys.

If you’ve got a really bad system or process in place, just adding a new tech solution will not solve that problem. You need a back-office core platform to innovate in the front end. Innovating is all about improving the process, utilizing the benefits of tech and then implementing that to make that journey fundamentally better. Collaboration with third parties makes it possible to offer everything that’s at the forefront of the technological offering at the moment, such as AI, ML, etcetera. And of course, there are major opportunities even outside the industry: just think about embedded insurance. This way you can expand your reach and increase your touch points to as many customers as possible.

How does Fadata’s solution help improve the relationship between insurers and their customers?

Samuel: “Fadata is passionate about delivering technology and helping insurers thrive as the industry and customer behaviours evolve. As such, we are alert to the trends driving innovation and recognize that the customer experience is a high priority for the success of insurers now and in the future. We deliver insurance products and possess the knowledge to develop solutions that support insurers. We offer a SaaS solution that enables insurers to manage day-to-day business and react to changes efficiently, as well as seamlessly integrate with new tech innovations. We support insurers on their digital transformation journey, enabling them to comply with regulations and scale with ease, while driving customer engagement and business value.”

Who is Fadata?

Fadata was founded in 1990 and is a provider of software solutions to insurers around the globe. The company is headquartered in Munich, Germany, and has offices throughout Europe, including major software development and operations centres in Sofia and Burgas, Bulgaria.

Backed by Riverside Partners and Lovell Minick Partners, Fadata provides the heart of the insurance industry with the next generation of core insurance platforms.

Samuel Knott, Sales Director, Fadata
Amsterdam 12-13 June

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