Is your digital strategy sustaining value in your core business?

By Susan Scott, CIO, Navacord

As consumers, there is a lot of technology that we have come to rely on for making our personal lives easier, from phones and apps to wearable tech that allow us to track, interact and even transact instantly, and on demand. When I think of doing all these things in a work context, the insurance industry has yet to catch up, and the opportunity inspires – and excites – me to continue to level up our digital capabilities.

In a recent post, Navacord’s Melanie Muise talked about the importance of prioritizing a digital strategy, what that actually means, and the opportunities it presents for our industry. Looking forward, brokers need to better meet the quickly growing demand for digital solutions across different types of clients, many of whom demand real-time access to digital tools that help them manage their insurance needs. For commercial clients that means, at a minimum, the ability to confidently manage risks and exposures, seamlessly navigate across multiple products and services, and transact in a secure and paperless environment. Clearly, the digital experience goes beyond just clients, it’s an ecosystem that touches everything from compliance and regulatory to employees, financial and more.

Navacord’s overarching digital strategy is built on three pillars that will sustain value in our core business and create value in new areas while being scalable, flexible, and efficient for future growth. As a first pillar, strengthening the core business requires new capabilities to improve how employees and customers interact. This is especially important when you look at the shrinking talent pool. How do you ensure existing employees are supported and doing meaningful work, providing improved client interactions? This requires tools that are efficient, intuitive, and personalized, powered by data insights that allow them to make better-informed decisions faster while creating capacity to focus on high-value activities. This includes leveraging bots to automate repetitive and mundane tasks, using various integration technologies with third parties for fulfillment, and applying Online Analytical Processing (OLAP) to gain business intelligence and offer tailored products and services based on instant insights.

Offering intuitive, integrated platforms that are highly accessible and insightful is just one way that Navacord will continue to deliver on our promise of high-value, personalized experiences that increase client satisfaction and loyalty.

Make sure to tune in for my next post: Leveraging data to create value at new frontiers.

Which digital technologies are you focusing on? What do you think is one thing brokers can do to make doing business digitally easier?

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