Customer requirements puts pressure on the industry

Pressure from the external circumstances are further combined with a market where customers generally place higher demands on the insurance companies’ services and availability. The changing customer requirements accelerate the introduction of new technology which puts pressure on the industry. The companies must be able to exploit the many distribution channels and simultaneously deliver individual and personal prices, coverage, claims processing, and service to the respective customer when demanded. The customers want to be served and self-served where they want and when they want, and the companies must be able to meet this requirement.

In addition, there is constant adjustment to new and larger regulatory requirements within, for example GDPR and money laundering, so insurance and pension companies avoid very expensive fines and other sanctions. These are processes that are both resource-intensive and time-consuming if they are to be handled manually or in obsolete IT-systems. This in particular requires increased digitalization and focus on automation to remain strong in a competition intensive market with increasing demands.

Time to market

In the companies’ internal competition, it becomes crucial to be the first with the best on the market. As customers adopt new needs, expectations increase for companies to follow and implement solutions that meet their requirements.

It can be difficult for consumers to distinguish between the products on the market, and it is therefore crucial to talk with and not to the targeted audience. The consumers’ behavior generally tells a lot about who they are. Therefore, companies have a big task in listening to their customers and collecting data, which can help tailor new solutions and insurance products.

GDPR as a service

The legislation within the Personal Data Regulation (GDPR), places great demands on companies, which, among other things, must be able to respond to customers’ requests for insight cases. The companies must be able to collect and hand over a free copy of all the personal data they process about the individual customer. There is great potential for automation if you carry out this process manually today and even in systems that do not initially talk to each other. Everything must be able to be traced, validated, and versioned, and this is where technology comes into the picture.

Cheating and fraud are here to stay

In the insurance industry, there will always be customers who try to cheat on the weight. There are several ways to reduce this consequence, and one solution is for companies to try to build a present, personal, and relevant dialogue with each customer through technology. The basic idea is that we as humans are less likely to cheat on someone we have a strong relationship with.

In addition, companies need to use as much customer data as possible to predict and see patterns in customer behavior. By digitizing the processes as much as possible, the basis for data is created. Process mapping, monitoring, and deviations contain endless amounts of ​​information about who, for example, is most likely to suffer injuries. The implementation of technology is therefore an important prerequisite for data collection, which enables companies to predict behavior patterns and thus strengthen the business model.

Nobly makes a noticeable difference

However, digitalization alone is not the solution to the industry’s challenges Several insurance- and pension companies already have digital access to data and systems. For example, if companies use many different systems at the same time, there is a risk that employees will spend unnecessary time navigating through the systems.

At Nobly, with our industry knowledge, competencies and technological understanding, we can make a significant and noticeable difference to your company’s development. We do this by ensuring compliance, gathering existing and new data, as well as digitizing and automating manual and heavy processes. In addition, Nobly creates a digital platform that meets both the customers’ and employees’ requirements for user-friendliness and personal services, just as the company gets a 360-degree overview of all customer situations.

This makes employees more efficient and satisfied, increases customer satisfaction, and provides the company a with flexible structure. In this way, it is possible to meet the demands of the future from both authorities, employees, shareholders and not least customers.

Meet one of our happy customers

In May 2018 the new Personal Data Legislation came into force with strict requirements for the storage and use of sensitive personal information. For Alka Forsikring, it was an opportunity to look through all business procedures and processes to, among other things, ensure the best possible control over the handling of sensitive personal information.

Alka Forsikring has chosen Nobly’s future-proof IT-platform OnBase as the foundation for the company’s digital work flows and the customer portal Mit Alka.

“Insurance has, by definition, a reputation for being boring and incomprehensible. Therefore, Alka’s goal is to make it simple and deliver good quality at a low price. OnBase gives us some efficient processes at low costs, which means that we can offer just that. Customers find it completely natural that they can find their policies, conditions. and correspondence in Mit Alka,” says Jesper Kiel Sloth, product owner at Alka Forsikring.