I recently represented Axway at DigIn, an innovative, industry-leading event built to showcase the digital insurance future which was held on May 14th to 16th in Austin, Texas.
This emerging industry tech conference, doubling year by year in attendance, has become a go-to event for digital insurance leaders who are embracing the new, digital landscape. Why are insurance leaders traveling to Austin for three days?
The move towards digital insurance has happened and many companies are on different stages of the journey. I was surprised to hear during one of the DigIn presentations that cited a West Monroe Partners survey that only 15% of their customers are satisfied with their digital insurance experience as they purchase a policy or go through the claims process. Digital insurance players recognize the status quo of only interacting with their customer when billing or during claims event is no longer viable. These infrequent interactions do not heighten customer experience and have the potential to be damaging the relationship.
How can insurance companies meet and exceed customer expectations? One way is to embrace digital engagement. What is the best digital strategy? There are many emerging technologies to be leveraged. Drones can be used to evaluate property damage, telematics to assess driving behaviors, connected homes used to proactively notify on potential failure (e.g., water heater leak, frozen pipes), chatbots assisting call centers. The list goes on will continue to change as new technologies emerge. The challenge is leveraging these technologies to remain relevant to the customer while maintaining legacy core systems.
Embracing a common Application Programming Interfaces (APIs) lays the groundwork for preparing for the next big thing. By having a common API framework, new technologies can be easily and quickly to address new use cases as they arise creating a digital ecosystem.
Listen to Celent analyst Mike Fitzerald discuss why a common API approach is critical.