Insurance Industry: Adopting New Technology to Overcome the Challenges of Client Service

by Smith Jaggy SEO According to the latest Annual Global CEO Survey conducted by a reputed network of firms spread over 158 countries, insurance companies are investing heavily to retain their customers, investing handsomely in the development of their workforce, customer service and technology. To be more precise, more than 80% of the insurance CEOs surveyed were planning to increase their investment in technology, while 60% had plans for developing innovation capability such as online insurance management software solutions.

The three major challenges identified by the insurers were the following:

Competition for talented workforce

Limited availability of professionals with key skills was seen as one of the major stumbling blocks to growth. To overcome this barrier, some of the insurance firms surveyed are planning to evolve new strategies for training, managing and retaining talent.

Building public trust

According to the report, 55% of insurers lamented the lack of trust in public for their services. They acknowledged the importance of a cultural shift to rebuild the lost trust. For this, more than 60% of the surveyed CEOs are investing in developing and maintaining a work culture of ethical behavior, while nearly the same percentage are stepping up investment in corporate reputation makeover.

Influence of government and regulators

About 95% of the CEOs surveyed are worried about governments and regulatory bodies affecting their growth potential. However, only 76% were willing to join forces with the government to tide over these difficulties. Protectionist tendencies of governments and their response to financial issues are seen as major threats to their growth prospects.

So, how to meet the challenges?

Despite the challenges, 90% of insurance leaders said that they are confident about improving growth. They are ready to face the challenges with a customer-centric approach towards technological innovation and reinvention of old business models. By anticipating change, they seek to take advantage of emerging opportunities rather than be wary and evasive of new competition.

An important deduction from the Annual Global CEO Survey is that insurers that look beyond the threats of competition are sure to find significant opportunities. In fact, businesses and society is likely to look up to the smart and innovative insurance CEOs to help them deal with the global economic uncertainties.

To improve their growth prospects, given the challenging global environment facing the insurers, online insurance management is one of their key focus areas. Whatever be the destabilizing influence – the government, climate, the economy or simply change in customer expectations, innovative solutions such as use of web-enabled insurance management software is bound to throw up new vistas of opportunities for insurers and help them ensure more satisfied clients and employees.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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