Respond to evolving expectations
E-Commerce, self-service capabilities, mobile apps, social media, and other digital channels are changing the way consumers, employees, and distribution partners expect to do business with insurance carriers. But they are also creating new opportunities to enhance collaboration, build loyalty and lower expense and loss ratios—driving change across the insurance landscape.
How could digital channels help you:
- Deliver information and services to your independent distributors to help them build their businesses?
- Enable policyholders to accomplish certain tasks without having to talk with agents or brokers?
- Reduce the cost of claims?
- Enhance products and services through the Internet of Things (IoT)?
- Provide more relevant content to your sales team and prospects without increasing printing costs?
- Reduce customer friction before, during, and after the first interaction with your brand?
Target what’s next, not what’s “now”
Many insurance organizations are refocusing on digital solutions to engage and improve business processes. West Monroe Partners can help —with approaches that focus on what’s next rather than what’s “now” to help you harness the power of digital innovation.
With a unique blend of industry experience and deep technology expertise, West Monroe Partners is ideally suited to help your organization create and establish digital solutions that drive key business goals.
Our experienced team brings:
- Strong business experience in your industry and market space
- Digital best practices from beyond the insurance industry
- Established methods and approaches that enable us to bring digital innovations to market rapidly
Digital health check: An effective starting point for change
Every carrier, broker, and agency is at a different stage of digital evolution. Accordingly, we have found it beneficial to start with a fast but action-oriented digital health check. A health check allows you to:
- Understand how your organization compares to others in digital adoption
- Identify opportunities to improve adoption
- Map initiatives that may be missing, based on your digital vision
- Reassess what digital enablement capabilities you should be building vs. renting or buying
A comprehensive view of your opportunities
Tailored to your vision and goals, our digital health check may include:
- A workshop to define the objectives, goals, strategies, and tactics (OGST) of your digital journey and to align your key stakeholders on a common path to digital innovation
- An assessment of current infrastructure, systems, data, and processes for the following:
- Sales, marketing, and distribution (offline and online)
- Policyholder, agency, broker, and/or partner support
- Business processe
- A review of organizational alignment and digital-enablement competencies
- A market analysis that examines:
- Target customer/agent behaviors
- Digital trends
- Industry benchmarks
- A review of your existing digital road map and updates to incorporate missing initiatives and estimated costs
With a well-constructed road map in place, we can provide the right mix of consulting and technology expertise necessary to bring your digital plans to life.
Drive—and differentiate— your business
West Monroe Partners’ digital health check provides an objective look at your organization’s state of digital. More importantly, it identifies the opportunities and initiatives that can help your organization:
- Increase revenue
- Reduce costs
- Lower your expense ratio
- Improve customer and agent loyalty
- Drive differentiation in an evolving insurance marketplace
That’s business in the right direction.