Digital Transformation in Insurance
9 Common Problems in Modern Insurance
Advice & solutions from digital insurance experts Pancentric, providing UX consultancy & software solutions for the insurance industry.
Having Digital Insurance Problems?
We're here to help...
"Hi there - at Pancentric, we understand how competition and supply chain costs are putting increasing pressure on insurance companies. We've highlighted 9 Big Challenges faced by Insurers, MGAs and Brokers, and suggest digital solutions that combine smart design with agile tech. Have a read, get in touch."
Edward Woodham-Smith (or 'Woody' for short)
Client Success Director
JOURNEY MAPPING & OPTIMISATION
#1. "We have friction in our customer journeys. It’s impacting our numbers."
Reasons for friction can be many. Poor UX in your web journeys? Your channels aren't optimised? Bugs? Slow loading times?
Solution = Better UX design. Pancentric specialises in designing and optimising digital experiences for insurance brands. We can audit your existing journeys to root out issues, prioritise fixes, and design and test improvements to boost performance.
COMPETITOR BENCHMARKING
#2. "Where do our competitors have the edge? What are the digital trends?"
It’s a regular question asked by our clients. Who's doing what better? When it comes to competitor data and analytics, many insurance companies struggle to keep on top of trends.
Solution = Real-time insights. Find immediate answers with DigitalBar, our insurance benchmarking service. We survey 200+ insurer brands across eight GI product areas, comparing digital capabilities, usability standards and customer journeys. It's insights on-tap helping you spot growth opportunities.
POLICY ADMINISTRATION
#3. "Spinning up a new scheme takes too long and is too costly to test."
Good schemes are about customer insight, product-fit and speed to market. Inflexible IT resources and legacy systems can cause delay and unnecessary complexity.
Solution = Implement agile tech. Agile technology is the answer and more available than ever. Nowadays, launching schemes with variants for different segments and partners can be done quickly and cost-effectively. Take a look at Go-Insur - our super-agile policy admin platform that's won multiple awards.
Multi Award-Winning Insurance Solution
DISTRIBUTION & MARKETING
#4. "It's become difficult to find quality customers with the right risk profile."
Insurance distribution is changing. While a high proportion of consumers are now happy to buy digitally insurers need to be cautious about buyer profiles and loss ratios.
Solution = 3rd party distribution. Partnering with trusted affinity brands - embedding your insurance offer - can offer good returns and appealing risk profiles when targeted right. But it requires agile tech to deliver seamless purchase experiences. Solutions like our Go-Insur platform provide the agility you need.
EMAIL AUTOMATION & CRM
#5. "We spend significant funds generating leads, then fail to nurture them properly."
Serious money can be spent securing leads and then little effort is spent nurturing them. It's a common issue, and it's mad.
Solution = Automated nurture campaigns. There's email technology from Pancentric ready and waiting. Dynamic personalisation enables you to nurture the right leads, at the right time, with the right message, to dramatically improve quote conversion rates and wider KPIs across your customer lifecycle.
DIGITAL SERVICING
#6. "We're in a convenience revolution with more pressure to meet customer expectation and minimise churn."
Consumers want convenience when interacting with their insurance, while providers wrestle with increasing servicing costs.
Solution = Digital servicing. Well considered digital servicing combined with re-engineered operational processes can transform your insurance business. At Pancentric, we specialise in digital transformation and experience design, with ready-made digital prototypes for documents, MTAs, QNTU etc.
INTRANET PORTALS
#7. "We're acquiring businesses fast. Unifying our expanding insurance group is a challenge."
GRP hit their 100th acquisition in 2022. PIB acquired 23 broker groups that year alone. Knitting acquisitions into your operation at speed, aligning comms and sharing knowledge is difficult.
Solution = Group intranet portal. Easily connect your group within one central online space. Solutions like our HUB intranet, are used by insurance groups worldwide as the digital glue that unites their expanding operation, providing a gateway to shared resources, group collaboration and streamlined operations.
WEB DESIGN & CMS
#8. "Teams are duplicating their website efforts, we're not making best use of budgets or insights."
Big Groups can end up with a multitude of websites. It can get messy - a mish-mash of tech, security exposure, duplicated licencing and support costs, multiple suppliers and SLAs.
Solution = Group Website Solution. A better way is to consolidate your web estate onto a single CMS. One support contract, streamlined IT management and robust infosec, secure integrations, cost-savings, brand alignment where needed but with creative flexibility, coordinated SEO.
PROTOTYPING & USER TESTING
#9 "Turning research into workable propositions and proving the business case is a challenge."
Familiar story? You do your research, the researchers uncover directional options, but there's a big gap between this and shaping and testing a new proposition.
Solution = Proposition Development & Prototyping. At Pancentric, we oversee the research and provide a strategic bridge into concept design, prototyping and user testing. It's a joined-up innovation service that helps you build business cases seamlessly, and smooths the path to positive change.
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