Author : Shariq Imam
Vice President - Sales (UK)

To be customer facing, engaging consultant with a keen ability to think strategically, listen to and understand clients' needs and concerns. Brand positioning, Company profiling for prospective clients. To offer solutions that has a deep impact on the clients business. Strong Domain Knowledge across European Market probing for client requirements within IT & Infrastructure Management Services.

Digital transformation - The Savior of Insurance industry

"Time for insurance companies to face digital reality" - a research undertaken by McKinsey in 2017 noted that insurance companies need to improvise on their efforts to not just revolutionize but evolve the way they take up customer experience in future. According to McKinsey, focus on CX by insurance companies along digital transformation will go a long way in making clients happy and ultimately win their loyalty.

With the advent of driverless cars, the rapid emergence of Internet of Things (IoT), availability of Data Analytics and machine learning there is a huge pressure on insurance companies to chart their way towards a digital transformation. A common fear that looms is the new entrants will do to the existing ones what Uber has done to commute, Amazon to retail and robotic advisors to investment and wealth management.

Charting out the way towards digital transformation is critical for survival of insurance companies. Such companies who don’t opt for digital transformation by offering excellent customer experiences may cease to exist in near future given the race for improvised and efficient CX solutions.

So the question is, what are the steps that insurance industry can take to meet the demands of consumers and fulfill their expectation?

Understanding the expectations of your customers

The message is very clear when one looks at the needs of insurance customer- that they are looking for simplicity and round the clock access across all touch points. Customers today want speedy redressal of their claims and seek relevant information about policy details and premium. Since most of the time insurance, such as car insurance, is a compulsory purchase, customers want to pay as little as possible but at the same time want to be treated well.

Pillars to successfully manage digital transition

Five pillars, according to McKinsey research, to successfully manage digital transition are innovation, customer ownership, efficiency, scaling and speed and agility. Insurers today need to innovate by adopting to new technologies and offer novel products and services including health monitors, wearables, telematics etc.

Insurers need to understand the expectations of customers and build relationship with them giving them a personalized experience in order to win the ever-diminishing loyalty amidst competition. Digital channels using big data and AI can transform the way insurers can engage with their customers by exploring customer behavior.

Focusing on all digital channels to meet complex user needs

A stronger relationship can be built with the customer by leveraging various digital channels. Most of the times customer grievances can solved with the use of AI, Big data and machine learning via chatbots and hence customer support team can focus on critical grievance solution especially the claim process- the litmus test for customer loyalty. With the omnichannel view customer support team can better handle the grievances by looking into past communications, purchase history and relevant conversations. Equipped with various digital tools an insurance company can speedily resolve claim settlement, train the employees for professionalism and courtesy making the process easier.

CX transformation is the Way Ahead

Providing exceptional customer experience will increase customer engagement and reduce customer dissatisfaction. Embracing the digital revolution and finding new ways and means to interact with customers is the way out for insurance companies. Hence, the enrichment of customer experience shall remain a priority for customers in the insurance sector.

Successful digital insurers move faster and with greater purpose to reach specific objectives and ambitious strategic vision. Every dollar invested shall ensure optimization of specific purposes of today in pursuit of sustainable growth tomorrow.

Espire's Digital Experience Management Services are an important lever of our powerful and customizable Customer Engagement Hub (CEH) that includes all key enablers of excellent Customer Experience (CX) - such as Digital Content Management, Experience Design, Customer Communication Management, Customer Analytics, CRM and IoT. Our complementary Cloud and Integration services ensure that our CEH solutions are seamless integrated with client’s existing IT environment.


Crafting Bespoke Claims Handling System for a leading UK based Insurance brand to enhance Customer Retention

A leading UK-based Insurance brand dealing primarily in claims business, which specializes in employer's liability and third-party insurance coverages for over 100 years now.

Product Development and Application Modernization of Pension Administration Suite on Oracle ADF 11g

The client’s current PAS application is built on Oracle Forms & Reports, client needed to modernize the current PAS with the latest technology stack, i.e., Oracle (Application Development Framework) ADF. The project also included the requirement to upgrade the current backend database built on Oracle.

Delivering Consistent And Compelling Customer Communication With Self Serve Communication Portal

Delivering Consistent And Compelling Customer Communication With Self Serve Communication Portal

Upgrade and Support of Financial Portal based on SAP Business Object Technologies for a Global Engineering Conglomerate

The client is an engineering, sciences and project delivery firm, based in Australia. The client wished for its financial reporting portal to be updated immediately. Its existing financial portal was to be enhanced and standardized so that the reporting was consistent and well linked across various regions and business units

A Complete guide to upgrade to sitecore xm cloud why when and how

Sitecore XM Cloud's composable architecture allows organizations to create and manage personalized digital experiences for their customers, increasing engagement and conversions. With its cloud-based delivery model, Sitecore XM Cloud eliminates the need for organizations to maintain on-premises infrastructure, providing a cost-effective and secure solution for managing digital customer experiences

Leveraging composable architecture to drive unforgettable digital experiences

A composable architecture allows the application to adapt to the speed of business while enhancing responsiveness and scalability, paving the way towards driving greater business growth. In our latest blog, we share the benefits of leveraging a composable microservices-led architecture for business applications.

Top 10 strategic technology trends for 2023 by gartner Part2

In our first blog on Top 10 Strategic Technology Trends for 2023 by Gartner, we had discussed the top 5 technology trends that will enable businesses to offer customized experiences to the end users for better engagement, ROI, conversion, and sales. As a concluding part of this 2 series blog, we will enlist and discuss the next 5 disruptive tech trends to be witnessed in 2023 such as Wireless value realization, Superapps, Adaptive AI, Metaverse and Sustainable technology.

Top 10 strategic technology trends for 2023 by gartner Part1

The pace of change is accelerating, driven by emerging technologies such as artificial intelligence, the Internet of Things, big data and blockchain-all of which are changing how we work, live, and manage our businesses. In this blog, Part 1 of the top 10 strategic technology trends for 2023, we will be exploring the top 5 trends identified by Gartner, which can significantly contribute to your success story.

Agile tech solutions and agile mindset foundation of future ready and resilient businesses

The Agile technologies help employees become self-sufficient and motivated to work more collaboratively & deliver ROI-driven solutions while eliminating the constant need for supervision and micro-management to achieve goals.

Subscribe To Our Blog

By clicking on "SUBSCRIBE NOW" you acknowledge having read our Privacy Notice.




Global Locations




Global Customers Served








Technology Partnerships




Years of Experience in Digital Transformation & Total Experience

Speak to Our Digital Transformation Specialists

Let's get you started on the digital-first & transformation journey. Reserve your free consultation or a demo today!