Capital Equipment News September2022

both these preferences – where if someone doesn’t want a telephonic conversation to address their query, they still have the option to go onto an app on their mobile phone and add another vehicle to the policy, for example. While there is definitely a big digital migration, insurers must be able to accommodate both preferences. “In addition to the hybrid approach, insurers still work in a highly regulated industry, which protects the interest of the consumer. Part of this omnichannel approach is therefore to ensure that when we use digital tools like chatbots or autonomous channels, the customer still gets the best service and advice they require,” he adds. Another notable trend is the rise of IoT devices and telematics. This technology allows customers to remotely monitor their big-ticket assets – they can see whether their big machinery or vehicles are being treated with care or not, what they are being used for and the rate of wear and tear, among other important parameters. There is also a different generation of buyers in the marketplace. “On the one hand, there is a generation of ‘Baby Boomers’ who still will want face-to-face engagements for their insurance queries. On the other, millennials entering the market want to engage in a more digitised way, while the Generation Z also procures differently,” says Saunders. To respond to these trends, ASI is digitising its customer journey. Traditionally, says Saunders, the business always regarded customer lifecycle as a traditional channel. However, the company is now looking at offering those traditional solutions in digital form, like rolling out WhatsApp chatbots, talking to providers that can offer cutting-edge digital solutions and providing those products over digital channels. ASI is also looking at consolidating its operations so that these innovations happen on one streamlined system. This forms part of the company’s efforts to digitise the customer journey and lifecycle and look at which parts of the insurance model would become more efficient if they were digitised. ASI is also focusing on hyper-personalisation, where aspects of its offerings are tailored for its clients and can work hand in hand with the technological part of the business. Digital first A ‘digital first’ urgency is seemingly sweeping across the insurance landscape. Post-COVID, says Mellow, there has been increased demand for technology to

Insurers should be able to tailor their services to meet clients where they are at, not only in terms of their personal, but also their business journeys.

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For better risk mitigation in such a complex and ever evolving environment, insurers are increasingly adopting a customer centric approach in order to provide solutions which speak directly to customer needs

Clients are increasingly looking for products that are easy to understand and suited to their unique business requirements

A ‘digital first’ urgency is seemingly sweeping across the insurance landscape. Post-COVID, says Mellow, there has been increased demand for technology to enable clients to manage their own insurance portfolios

Another notable trend is the rise of IoT devices and telematics. This technology allows customers to remotely monitor their big-ticket assets

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