Two-thirds of insurance providers (62%) say legacy systems are the biggest obstacle to customer engagement: Aite Group report
Boston, MA (Feb. 13, 2018) – Aite Group’s latest report, Engagement in Insurance: A Channelless Strategy, examines U.S. insurance carriers and how they have struggled with policyholder and member engagement.
“Engagement and experience are channelless in the eyes of consumers, each of whom has different expectations and preferences,” says Samantha Chow, senior analyst at Aite Group. “As consumers’ buying behaviors change, carriers must address the technology challenges, cultural issues, and disparate strategies they have in place to develop methods of engaging with policyholders and members in a meaningful way,” she explains.
Carriers are well aware of the technology challenges they have as a result of legacy systems. Respondents to a poll conducted at the Insurance Nexus Customer Engagement Summit in November 2017 emphasized this challenge once again; 62% report that the biggest obstacles to implementing insurance customer engagement programs are legacy systems. “New tools and integration are necessary to overcome the legacy challenge and provide the support needed to create a channelless environment and engage with consumers throughout the policy life cycle,” Chow adds.
This report provides insights obtained throughout the Insurance Nexus Customer Engagement Summit in November 2017 and is designed to help carriers develop a successful engagement strategy. It is based on the presentations of over 20 carriers (across all insurance verticals) and service providers supporting the event as well as a poll of nearly 80 conference attendees and 15 in-depth interviews with insurance carriers.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite GroupTags: Aite Group, channelless, engagement