Going digital makes insurers more consumer-centric
When companies embrace social media, mobile devices, cloud computing and other digital offerings, they take an "outside-in" approach, focusing on what their customers consciously want instead of what they can offer to their customers, reported Insurance & Technology.
UnitedHealth, for example, has implemented a more outside-in strategy to reach its overall goal of greater health outcomes and affordability. UnitedHealth has established a "very deliberate approach" of making sure it's "an outside-in organization," ensuring that the nation's largest insurer is "fitting into the life of the consumer, not making them fit into us," Tom Paul, chief consumer officer at UnitedHealth, told FierceHealthPayer in a previous interview.
Although few insurers have made the transition to digital, the insurance industry could benefit greatly from such a shift.
"As systemic capabilities emerge that enable the collection and mining of large, disparate, and often unstructured data elements, the insights gained in an environment enriched by big data can have a profound impact on risk models, pricing, underwriting and other core elements of the insurance value chain," Henna Karna, president of risk analytic company Verisk Digital Services, said in the Insurance & Technology article.
As insurers continue to improve their digital engagement with consumers, they must incorporate that approach throughout their entire organizations. "Paramount for digital success is a broad top-down mandate that spans marketing, sales, service, operations, finance and IT," Karna said.
Digital excellence also requires a workforce that has digital experience and training, as well as an organizational commitment to testing and analytics to ensure a measurable return on digital investments, FierceHealthPayer previously reported.
Insurers also must engage consumers more frequently and more personally across multiple digital platforms. Digital engagement, Karna added, should be a collaborative relationship in which consumers provide new ideas and products to help insurers better understand and predict their wants and needs.
To learn more:
- read the Insurance & Technology article
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