Digital transformation has been a buzzword in the industry for quite some time now — and for good reason. Most industries have already embraced the benefits of going digital and reaped the rewards.
As these tools are often designed with consumers in mind, they radically improve the customer experience. For example, innovations such as live chat and embedded insurance are now a common part of the digital insurance customer journey.
But where does the employee experience fit in?
The industry is looking down the barrel of an insurance industry talent crisis. So, insurance business leaders will need to adopt advanced digital technologies to keep up to avoid that talent shortage. Insider Intelligence predicts that insurance technology spending in the US and UK will grow by more than 25% between 2022 and 2026.
That's because technology like artificial intelligence (AI) and cloud software can open the door to boundless opportunity for insurance companies. But in order to reap the benefits, companies will need to weigh the impact of digital transformation on employees.
Change doesn't always come easy. The majority of insurance companies have been operating legacy systems for quite some time now. The insurance workforce has grown comfortable with these tools and processes.
But technology is evolving and becoming more prevalent quicker than ever. Insurers need to identify the following challenges in their own companies in order to successfully start their digital transformation journey.
In the push for digital transformation, one thing often gets overlooked — the employee experience. Digital transformation is a customer-centric process. Technology is often created to make the customer journey seamless for those interacting with your business. Because happy customers are loyal customers, right?
But as Forbes aptly points out, employee engagement and experience is often overlooked in favor of a positive customer service experience. So while the user experience is seamless on the customer end, it is anything but for employees. They now have to execute additional, complex tasks in order to assist their customers.
That means more troubleshooting and problem-solving for customers who have grown accustomed to getting assistance instantaneously. With internal software that cannot keep up, employees are left frustrated. That’s because legacy systems are not designed to keep up with the latest innovative insurtech products.
In fact, improved user experience hasn’t really made its way into insurance employee software at all. That makes prioritizing the employee journey the most important part of your company’s digital transformation strategy. It’s no secret that change efforts oftentimes fail in the insurance industry. But improving employee happiness and job satisfaction can help you to avoid that.
Bring your employees to the forefront of your digital business growth. Invest in software that puts your workforce first. Make sure your business model includes implementing software that is designed to make employees’ jobs easier. By doing that, you'll see a more productive insurance workforce and positive employee experience.
It goes without saying that you should strive to create a positive work environment beyond the digital transformation process. This will make for happier employees, which in turn will make for happier customers. Here are a few tips to consider:
Insurance is a more traditional industry, but insurtech is prompting innovation faster than ever before. Things don't look the same as they did when you joined the industry, and they're going to continue to change. Continue to stay mindful of what your employees need to adjust to those changes. By supporting them, you'll gain a loyal team that's ready to give your customers the best experience possible.