The Making Of A Digital Insurer
GDPR - Digital Transformation
Most industries are experiencing a digital transformation. This is not only changing the way companies interact with their customers, but also redefining how companies do business.
Still, not every industry is rapidly adjusting to the changing environment. Industries such as retail and entertainment have always been eager to implement new technology to ‘wow’ consumers.
However, in recent times, it seems that the more unlikely industries are following suit.
GDPR - Where do we begin?
Marketing strategists all over the world are aligned on one thing; digital strategy is mandatory. The question is – ‘where do we begin?’
Going digital is no longer an opportunity - it is increasingly the foundation of a company’s strategy. Customers nowadays expect digital and personalised communication, and this includes the financial services industry.
To meet these expectations, however, entities will no doubt face some challenges.
Security Concerns?
For one, security concerns are seen as a barrier to innovation. Finance is among the most regulated industries, and with GDPR around the corner, concerns are heightened.
That’s why over the past years, insurers and brokers alike have often chosen to stick to classic forms of communication.
In addition to this, the lack of appetite to try new digital technologies comes down to the simple reason that automation of digital processes is seen as a risk; a step into the unknown.
Manual processes are deeply embedded in legal regulations and frameworks and as such, financial services companies are less willing to walk away from them.
Migrate Towards Digital Communications
Hesitations to migrate towards digital communications also stem from the fact that new technologies call for new processes and thus, new training.
A question often asked is ‘that sounds great, but how do we do it?’ Resource is not always readily available to adopt new solutions and so they are avoided.
Videosmart is GDPR Ready
At VideoSmart, this hurdle is alleviated. No training is required and, if preferred, the full end-to-end solution can be the sole responsibility of VideoSmart.
The End-to-End Solution
From storyboarding, to e-mail build and video hosting, no stone is left unturned. What’s more, projects are delivered on a campaign by campaign basis, meaning no long-term commitments, no software installation and most importantly, no forty-page training guides.
Finding a provider that can partner with you on security is essential in ticking all regulatory boxes; and VideoSmart can do just that.
Nowadays, more than a quarter of insurance customers are buying their policies online; more than two-thirds of customers are eager to use their insurer’s mobile app.
The train heading towards full digital transformation is going full speed, and insurers can’t hide in the tunnel forever.
Adopt a GDPR Strategy
By prioritising technology adoption, aligning business objectives with a digital-first strategy and getting solution providers and third-party experts on board, the process of change is not as daunting as it seems.
Customer-focused Approach
If tackled correctly, financial services companies can lay the foundation of a customer-focused, tech-savvy approach that will be fit for the future.
And as for that train? It may be just a few stops away after all.
