Supercharging insurance businesses: Embedded insurance & CPA

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COVID-19 and Digital Transformation

2 min read

The Coronavirus pandemic has been around for roughly 6 months now.

As with other situations, humans have learned to adapt to it and live with it. Resilience is a home sapiens thing; it is human nature. Since the early days, humans have demonstrated the ability to adapt rapidly to changing environments and respond effectively to crises. A new regime and a new normal has been set.

Some insurance businesses are managing to maintain business continuity whereas others, like travel, are still finding their footing. Various businesses have now become equipped for smart, off site working.

But, is there anything else- anything more- insurance businesses can do to leverage this unique situation?

 

Opportunities: what you can do

Oxbow Partners has broken down the COVID-19 pandemic into three phases:

Currently, we are in the second phase. By now, we have shifted into a sense of normalcy. Whether struggling or stable, everyone has found where they stand. This makes the current phase the perfect time to review and challenge the weaknesses of existing processes.

In the context of the pandemic, digital transformation is the need of the hour.

Customer behavior has already started changing. As per a 2010 study, it takes one to eight months for a behavior to become a habit. We’re already at the six-month mark and digital habits plus digital dependency have already solidified. The UK Office for National Statistics showed that in April 2020, online retail sales increased by 63% year-on-year. Even without numbers, we can look around at our family and friends, and see increased online behavior becoming habitual and preferential for them.

Thus, it makes sense for companies to kickstart strategic digital transformation as soon as possible.

 

What happens when you seize the opportunity

One of the two outcomes is guaranteed:

  1. We return to the normal of 2019. By then, you would have learned to digitally carry out operations which will help you to tap into a larger customer base and meet their growing demands. As non-digital processes catch up and stabilise, you’ll already be at the top of your services.
  2. Conditions stay the same or actually worsen. Unequivocally, digital will be the only option in this case. You’ll already have put the proper processes in place to meet and generate demand. You can have competitive costs that will ensure the resilience of your business.

In both of these outcomes, you are winning. Even if the pandemic were to completely end, where was the world headed with the numerous technological advancements? Towards a more online and digitized world. COVID-19 just accelerated the arrival of that world.

Will you be one of the forerunners of this world now? Or will you hold tightly to the old and possibly perish?

If you need help initiating a journey of digital transformation strategically and doing it in a way that brings in long-term revenue and success, then Spixii can help you. Have a look at our solutions here and then contact us to finally start thriving during and post-pandemic.

 

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