Customer Experience Featured Article

Insurance Industry Innovating to Better Serve Millennial Customer Base

July 16, 2014

At first glance, insurance is not the type of product that seems to lend itself well to modernization. To many, its business model consists of little more than collecting premiums and paying the occasional claim above any deductible.

While there is some complexity as to what to charge for a premium and how high or low deductibles are, it’s as if little has changed in the industry over the years. Sure, companies provide quotes and can collect payments online, but that’s nothing more than taking what these companies have always done and providing another medium for it.

A recent survey by SAP suggests that such a view of the insurance company is antiquated. It surveyed numerous executives who indicated their companies were either implementing or considering numerous technological innovations.

Millennials are a large influence on the industry’s innovation. These customers expect multi-channel communication. Providers must be available through voice, text, social media and email at a minimum to be competitive.

Slightly more than half of those surveyed stated that their company is using cloud technology. According to Insurance & Technology, this is already a huge business. Cloud infrastructure service revenues grew 15 percent between Q4 2011 and Q1 2012 to $12.5 billion. The cloud is also critical to a company’s survival, since it provides the fastest speed to market and lowest operating cost in a highly competitive market. The SAP (News - Alert) survey found that companies using cloud technology have expanded their use from back-office functions to the entire company.

SAP’s survey reflects a reality that most industries face: the importance of not only using technology, but using it in a way that meets the needs of a more tech-savvy customer base. It’s not enough to have a website that facilitates service; companies must reach out to their customers and prospects through all possible channels.

Edited by Alisen Downey

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