In our final blog on insurance commerce, we build on the previous insights on strategy, customer needs, and internal readiness. We’ve always advocated a process-first mentality – and once these key inputs are ready, technology can be a great accelerator or activator of your strategy. As we draw on the cumulative insights of insurance commerce, it’s important to think about your technology across several capabilities:
- Journey Science – how does your technology target and talk to your current and potential consumers to help them understand your products and services, understand costs and protection, and feel confident in their decisions?
- Transactions – how well does your technology make the buying process personal, real-time, and frictionless?
- Innovative – as the world evolves with more digital acceptance, how is your commerce technology leveraging adjacent capabilities such as telematics or application performance indicators (APIs)/embedded insurance to create new buying opportunities and support consumer retention.
When it comes to technology and innovation, almost anything is possible, which can actually be a risk. With software and technology, it is critical to ask two questions:
- Can we do this?
- Should we do this?
Some of the key considerations to help answer these two questions include:
- Understand and define commerce capabilities and requirements.
- Define the future state reference architecture
- Evaluate and prioritize the existing roadmap
- Then select and implement the right technology platform
Building on our four-part approach of strategy, customer, internal readiness, and technology will help better position carriers to support the insurance product-purchasing journey for both agents and direct customers with an intuitive, experience-driven buying journey.
If you’re an insurance carrier that wants to invest and enable these trends but doesn’t quite feel ready or equipped to provide this unique customer experience throughout the commerce journey, then download our guide, Commerce Experiences and the Rise of Digital-First Insurance, and connect with Beth Duerr and Brian Bell on LinkedIn for further communication and questions and read more from our understanding the insurance and commerce process series.