By Tal Daskal, CEO and Co-Founder, EasySend
This segmented process often results in a chaotic environment where one department can’t see what another team is working on, where everyone has to contend with lengthy development times and never-ending backlogs, and customer feedback is often not acted upon fast enough.
All this is happening in an environment where the pace of change is measured in seconds. As we move towards the world of real-time analytics at scale, digital transformation initiatives must keep up with the rapid pace.
Today, digital transformation must be fast and agile because the pace of change all around us is accelerating. Gone are the days when enterprises could embark on year-long overhauls of customer-facing portals. Today’s digital change must happen at neck-breaking speed to keep up with changes in consumer demands, or risk releasing digital products that are already hopelessly outdated the moment they hit the market.
Insurance organizations can utilize no-code technology to drive innovation quickly and meet customer demands for accelerated digital transformation, all while reducing costs and increasing profitability.
Digital transformation is the key driver of customer experience
69% of the US consumers would be willing to switch companies if given a better customer experience, according to a recent Michaelson & Associates study. In Europe and Latin America, more than 60% answered similarly. The implications are clear: customers will not put up with outdated services or processes for long – especially when there is a better alternative available.
And the competition for insurers is getting tougher by the day. Digital-native insurers, InsurTech startups, and tech giants such as Amazon, Google, and Facebook are all vying for the same customers and are continuously expanding their offerings in the insurance market, putting significant pressure on incumbent insurers.
In a world of tough competition, digital transformation done quickly will enable insurers to better understand their customers’ needs and provide them with more tailored products. And of course, personalization is key to engaging customers and retaining them for the long term.
The pace of digital transformation is picking up
By now it should be clear that insurers have to accelerate the pace of digital transformation in order to meet the demands of their customers. Embarking on year-long projects to overhaul customer experience is an exercise in futility. Often, large-scale digital transformation projects are already hopelessly outdated even before they are pushed to production.
Customers’ expectations are changing, and they want more services in the palms of their hands or online – preferably at any hour of the day. Customers want a seamless, convenient, and personalized experience that can be delivered through mobile devices or online channels.
Unfortunately, insurers have traditionally had a hard time matching this level of service. Many insurers haven’t been able to keep up with these demands because they simply don’t have enough resources to tackle the digital transformation at the scale and speed that’s necessary.
Fortunately, there are more tools and resources than ever before available for insurers who want to make a digital transformation happen fast. Insurers can now respond more quickly and effectively than ever, thanks to no-code technology.
Accelerating digital transformation with no-code
The next step is finding ways to accelerate the pace of digital transformation. With no-code, insurers can now respond to the pace of change more quickly and effectively than ever before. No-code tools can help accelerate digital transformation in five key areas:
Improve customer engagement and adoption by quickly releasing digital journeys with the standard your customers expect – cutting-edge, personalized experiences that are available on any device.
Improve your organization’s experimentation and optimization capabilities: Lack of lengthy development ensures agility and ability to test, optimize and iterate on an ongoing basis – the key to improving user experience with your digital offerings.
Help your teams be more productive across all functions such as customer service, support, claims processing, operations.
Empower employees to explore the possibilities of building their own apps using drag & drop interfaces with rapid prototyping tools to solve their daily tasks.
Integrate your existing systems and new technologies: The worlds of legacy tech and cutting-edge innovation are difficult to reconcile, but with the help of no-code, you can ensure smooth integration between these two worlds, including linking legacy and core insurance systems, with the latest technologies like cloud computing, mobile devices, and big data.
Tying it all together with no-code tools
Digital transformation is a challenge for any industry. The insurance sector has seen the need to transform, but it’s taking too long and insurers are still falling short on consumer demands for outstanding digital experiences.
Insurers have already started investing in technologies like artificial intelligence (AI), chatbots, augmented reality (AR), virtual reality (VR), and internet of things (IoT) sensors, which help them deliver on the promise of personalization while also improving operational efficiencies.
Now is the time to tie it all together. Insurers must pick up the pace of their digital transformation initiatives by adopting no-code tools that keep them focused on what’s most important – delivering great customer service with an emphasis on personalization while also meeting regulatory requirements.
The next step is finding ways to accelerate the pace of digital transformation. With no-code, insurers can now respond to the pace of change more quickly and effectively than ever before.
EasySend empowers insurance companies and financial enterprises to convert paper, PDFs, and manual processes into fully-branded customer journeys. With the no-code platform, users can design, build and launch customer processes in under a week, and continually optimize with advanced analytics and insights. The EasySend platform improves the customer experience, cuts operational costs, and drives revenue growth for enterprises. As the solution is designed with insurers and service providers in mind, it’s even preconfigured to meet industry regulations and compliance standards. EasySend is leading the way towards a no-code, digital revolution in the financial services industry.
About the Author
Tal Daskal is the CEO and Co-Founder at EasySend, a SaaS company with a no-code development platform for insurance companies and financial services based in Tel-Aviv, New York, and Germany. Tal is an expert on all things digital transformation in banking and insurance and is a passionate advocate for the paradigm shift towards no-code application development in the financial sector.