Mike Daly, business development director, 360Globalnet explains why Lemonade’s FIZZ threatens some traditional Insurers
Lemonade’s 14,315 homes insured – beating its own business plan and forecast – represents one small step for Lemonade and one potentially big step backwards for analogue, incumbent insurers.
Similar competitors, target other insurance customer segments, Trov for personal items, Slice for Airbnb home sharing; the list grows every month.
These digitally disruptive competitors are like African Hunting Dogs. Individually too small to harm giant insurance prey (like you) but collectively, able to bring down large beasts, over time.
So, while your current analogue model seems to still work, new investment in digital transformation always seems to face contradictory goals and questions.
How can you:
- Settle claims FAST and still detect fraud?
- Deliver Airbnb quality digital experience from inflexible, complex legacy core systems?
- Compete with agile single product insurers, even with complex product and geographical portfolios to manage?
- Offer better customer journeys and UX, even where data is in multiple silos, largely unstructured and inaccessible?
- Improve customer satisfaction and yet strip out operating costs at the same time?
It's fine if you could just tear up current processes and start again. Then you could plan and implement optimal customer journeys that sparkle.
Here’s one way to put zest back into your customers’ journey and user experiences, despite the limitations of core systems of record http://bit.ly/2rhE5Xr
Or, for more on how the customer UX can be improved https://360globalnet.wistia.com/medias/3apl27tbl1