Leveraging digitalization to regain the confidence of both clients and intermediaries, in a context of tough competition
The insurance company had a very strong position leveraging traditional distribution models based on intermediaries.
However, the emergence of new digital competitors was bringing about a more intense competitive environment. The company had to react by increasing its positioning as a digital insurance provider to simplify the lives of both end-customers and intermediaries, as well as improving its operational efficiency based on digitalization.
First of all, Arthur D. Little analyzed relevant companies and their approaches to digitalization, based on their historical distribution channels.
We also positioned the company’s digital status according to an international benchmark of top 10 companies in different regions. Considering global opportunities, Arthur D. Little worked to create a common vision and ambition of digitalization within the company to clarify dos and don'ts.
Most importantly, taking into consideration that one of the main pillars was to facilitate interactions with customers, reducing customer-effort score, and seek operational efficiencies derived from digitalization, Arthur D. Little worked with the company to streamline its processes, reengineering them to the digital world.
As a result of the project, the company advanced from a digitally aware to a digital-centric company with strong focus on customer service, simplified interactions through digital channels, digital support to intermediaries, and operational efficiency derived from digital tools.
To support this transformation, the company reorganized its digital responsibilities and worked on defining an agile organization with a focus on collaboration between IT and business.