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How Top Insurance Companies Are Pushing Digital Innovation

Digital InnovationNew leaders in the insurance industry continue to invest in and drive digital innovation, which is particularly apparent in Europe. When research firm Pierre Audoin Consultants (PAC) surveyed 200 mid- to large-sized insurance companies in Europe, the company discovered that they are adopting a number of different strategies across the enterprise.
Paving the Way for Digital Innovation

Because of the appointing of new CEOs across 70% of Europe’s biggest insurance companies within the last 18 months, businesses are integrating more innovative IT strategies. As a result of the recent threat to traditional insurers from innovations in startup, manufacturing, telecommunications, and utilities companies, many insurers have taken steps to avoid becoming irrelevant.

Out of the 200 senior business and IT executives that PAC spoke with, 84% have developed formal innovation strategies with dedicated budgets and teams behind them.
The Need for Improved Customer Engagement

One of the biggest motivators behind digital innovation is the demand for better customer engagement, which is true for many industries. Mobile apps are one of the innovations made over the years that have helped improve customer relations and boost loyalty, subsequently increasing customer spending. PAC found that 60% of the insurers surveyed reinforced the need for improved engagement with customers, making it their core focus regarding digital innovation.

Learning from Retail Banking Companies

One industry that can teach insurers how to be more technologically innovative is the retail banking sector, which has gone from lagging in customer engagement to becoming one of the most tech-friendly industries. Many retail banking firms have developed and deployed mobile apps that make operations much more convenient for customers.

Insurance companies have also since transformed from firms with poorer customer experiences to those making waves through innovation. For instance, one free app that has made a difference is known as Trov, developed by Axa Insurance. This app allows customers to easily insure individual possessions using a smartphone, which was an impossible task not long ago.
Potential Obstacles that Insurers Still Face

Innovations may be taking place within the insurance industry, but there are still certain issues that these companies face. Some companies that PAC surveyed cited stringent regulation as the largest obstacle preventing innovation, while one-third stated that outdated infrastructures and technology have been the biggest problems. Others also mentioned that a majority of their business applications are capable of supporting future digital innovation strategies.

Despite the existing shortcomings, insurance companies will likely continue to evolve as they adapt to the digital age, implementing mobile apps and cloud-based communications.

Advantages of BYOD

BYODThe edge that small companies have over larger ones is they can move faster and aren’t bound by restrictive agendas. Small businesses will more likely allow employees to work on the device of their choice. It’s a win-win for the owner and staff members who enjoy flexibility in the workplace. Here’s a deeper look at how bring your own device (BYOD) programs help streamline businesses.

BYOD Cuts Costs

The most obvious advantage to BYOD for a company is that it saves money. The company won’t have to invest in as many computers or software licenses, as workers are responsible for bringing their own laptops, notebooks, and smartphones. The firm will not have to keep upgrading hardware and software, and it will cut costs on security.

One of the most valuable advantages to BYOD is that it provides the company with a safety net in case of a power outage or other disruption. Not everyone will be affected by the same network conditions. Businesses will be able to redirect IT personnel to focus on cost efficiency.

Evidence of Successful BYOD Strategies

Harrison Associates is a health care organization that embraces the BYOD concept. By allowing employees to bring their own devices and providing them with IT support, the company has been able to attract experienced talent.

The firm has used a formal BYOD solution that includes Parallels Remote Application Server (RAS) as a more affordable alternative to shared systems management software Citrix. This solution has led to a reduction in support calls and downtime. Another advantage is that it allows employees to see all applications in one area.

Another organization that has enjoyed success with device flexibility is independent mobile games developer Hutch, led by CEO Shaun Rutland. His policy has been to let employees get their work done with the least amount of friction. Some of the cloud services that help shape the company’s communications are Google Apps for Business, Dropbox, GitHub, Slack, and Atlassian.

The company offers maximum device policy flexibility that includes security and management for its workers. Many of them connect and do assignments as needed. The result is a more confident and productive workforce with less than 3% staff turnover.

Terms and Agreement Language

The best way to secure a commitment from employees that they will comply with company policies is by issuing them a Terms and Agreement form to sign. Their signature will confirm that they have read and understand the policy. The form should specify who pays for communications devices and services and who is responsible for damages that may occur to a device.

One area that is essential to address is setting a policy for personal and professional use. Some companies use software that splits a device into two separate compartments. Employees will be expected to not mix work and personal data. The terms should specify devices, job roles, and security requirements. It should also explain remote policies on network use and disciplinary action for not meeting requirements.