The need to move closer to our brokers and customers
We’re living in interesting times. Not only in South Africa but all around the world, we are seeing rapid and disruptive change. Technology and social media have been affecting customer expectations and the way we do business. Customers now expect personalised service, faster communication and real value for money.
Mutual & Federal Chief Operating Officer, Michelé Schliesser, believes that the best way for our industry to meet this need is by delivering customer service excellence and enabling our brokers to do the same. This becomes even more important in an environment like South Africa, where times are tough for customers and where political uncertainty and drought have further reduced consumer confidence. Insurers know that during times like these, it becomes crucial to assist our customers to be correctly insured. This is where we rely on the expert advice of our brokers to help us move closer to our customers, with relevant solutions that will effectively meet their needs.
Digital solutions to improve experience
Internationally renowned Information Technology research company, Gartner, has forecasted that 6.4 billion connected devices would in use worldwide in 2016, up 30% from the previous year, and this figure will reach 20.8 billion by 2020.
“At Mutual & Federal, we have already started rolling out a number of digital solutions to make it easier for our brokers and customers to do business with us. We increased the functionality of our insurance application by adding new solutions, such as a ‘Find-a-Broker’ tool and a Household Contents Calculator. We are also in the process of introducing an online Motor Glass Claims Solution, which will allow straight-through processing of windscreen claims.
Seeing that the claims experience is one of the key moments of truth for our customers and our brokers, we will continue working hard to transform this experience. We will achieve this by continuing to put the necessary digital solutions in place to enable communication that is more frequent, faster turnaround times and better procurement strategies, controlling costs for our customers. Thanks to the strategic partnerships we have with our suppliers, we are also able to offer our customers special deals and deliver better quality control.
We are motivated to continue our digital focus, to give our customers more value-for-money and improve their experience,” says Schliesser.
Digital risks
While technology offers great opportunities, as with anything, there are also risks that we need to keep in mind. The issue of cybercrime is increasingly coming to the forefront. Even the United States elections were not spared the threat of cyber crime, with allegations of possible hacking during this time.
This shows that, apart from human capital, data is becoming an important commodity. It is also probably the most important asset in any insurance business. “The ability of technology to harness and protect the wealth of data insurers have access to, will probably be one of the key distinguishing factors in our industry in the future.
Constantly evaluating these new digital risks will help us protect our customers and our industry,” says Schliesser.
The value of advice
As the insurance industry evolves to meet customer demands, while keeping pace with significant changes, the role of our intermediaries cannot be underestimated. “Mutual & Federal continues to partner with brokers as an integral part of our service offering to customers. The role of intermediaries will continue to evolve and we are committed to enabling our intermediaries to provide better customer experience through our digital innovations,” concludes Schliesser.
