Insurance firms today are moving back to the basics, shifting their attention from complex product offerings to a new set of core principles to redefine the customer relationships. This change is a result of factors such as evolving customer dynamics, inability to meet customer expectations, and migration from legacy systems, and traditional distribution models.

Today, social media is not just a popular way of interacting with customers; it is also a powerful means to improve a firm’s brand image. Progressive insurance companies are venturing into social media to improve their turnaround time and cost-to-serve. While measuring the ROI for social media initiatives is difficult, insurers can proactively use social media to understand how customers feel about their products and what they can do to emerge as winners in the long term.

Digital is creating a plethora of opportunities for growth, the most potent example being the innovative and attractive range of multi-channel distribution techniques. Insurance providers that are able to gear up to the digital opportunities are able to achieve customer satisfaction, loyalty, and business growth. This whitepaper explores five key digital technologies that become a vital differentiator between success and failure of the insurance providers.