As 2021 came to a close, we couldn't help but notice how what was inevitable in the future was becoming necessary now. While a normal practice would be to predict what lies ahead of us in 2022, we decided to take a different approach this year.
In our second edition of the Aureus yearbook, we will take a closer look at what has delivered superior CX (Customer Experience) in the insurance industry this past year. While there is nothing new about focusing on your customers, we shall examine the role data has played in assisting companies up their CX game.
Evolving Role of Data & Technology
Data has always played a vital role in designing the insurance product from the start. Today, it has become paramount to use data to enhance all aspects of the insurance customer journey. We have Kayzad Hiramanek, President and Chief – Operations and Customer Experience, Bajaj Allianz Life, who talks about the new 4 Ps that will make up the marketing mix for data-driven organizations. The need for CX to be included right from the product design stage rather than as an afterthought is highlighted by Ashish Jhajharia, Independent Management Consultant.
Through personal insights and a case study, Kirti Patil, Joint President - IT & CTO, Kotak Life Insurance, showcases and explains how businesses can revolutionize customer relationships through technology adoption. We also have Subhajit Mandal, Co-Founder - Cyber Sierra, critically evaluating whether there is a need for digitization in the insurance distribution process.
Neharika Agarwal, Head of Analytics and Business Intelligence, Bharti AXA Life Insurance, delves further into the changing role of data and gaining more leverage out of existing data through data modernization. On the plus side, the insurance industry already has a vast wealth of data with insurance agents. Frank Sentner, InsurTech Advisor, presents the vast opportunities and challenges of using this information to improve CX.
Management & Control
Measurement is necessary to analyze and evaluate the performance of any initiative and puts you in the driver's seat. Calibrating customer sentiments to measure CX is a relatively new field. We have Dr. Nilesh Karnik, Chief Data Scientist, Aureus Analytics, explaining how you can now measure the immeasurable.
Despite the immense range of possibilities that technology has thrown open to us, the critical question remains: What do insurance companies really want? Saket Rathi talks about the insights he has gained over the years through his interactions with key players in the insurance industry.
Matt Masiello, CEO, SIAA, gives us a peek into the US insurance industry and how the independent agency distribution channel still plays a dominant role. He also explores the opportunities and challenges they face in optimizing the benefits of utilizing their data.
While it is next to impossible to accurately predict the future in terms of what will work and what will not, what stands out is how data can be used to improve CX across the entire customer journey.
We at Aureus, along with the industry experts who have contributed to our yearbook, have done our best to highlight the key success factors behind CX initiatives being carried out. This is done in a bid to ensure that you can take further strides in developing your customer journey strategies on a sure footing. Let us know what you think about our yearbook and any suggestions that you think can help us make it better.
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