"Our primary role leans towards supply of services rather than insurance coverage."
The Liability Insurance Company's Digital Transformation Journey
The Liability Insurance Company is at the forefront of digital transformation in the insurance industry, aiming to streamline customer interactions and enhance service quality. Here's a look at some of the key strategies they're employing:
1. Expert Assistance and Clear Communication
Insurance agents at the Liability Insurance Company serve as primary advocates for customers, providing personalized support throughout the claims process. They translate complex insurance language, help with claim documentation, report incidents promptly, track claims, and negotiate settlements. This hands-on approach improves customer experience by reducing confusion and delays, offering professional legal support, and ensuring claims are handled efficiently and fairly.
2. Streamlined Customer Interactions through Digital Platforms
The company is developing a customer portal for easier data maintenance, allowing customers to manage their insurance digitally. In addition, they are testing other online offerings such as FAQs and software solutions to enhance accessibility and convenience.
3. Implementing Chatbots and Automated Customer Support
To offer 24/7 customer support, the Liability Insurance Company is expanding its services to include chatbots and virtual voice assistants. These digital tools provide instant responses to common inquiries, guide users through policy options, assist with claims initiation, and reduce waiting times.
4. Driving Digital Transformation for Operational Efficiency
The Liability Insurance Company is automating claims processing, utilising data analytics for risk assessment and personalised coverage, and enhancing communication channels. These improvements aim to reduce operational costs, accelerate claim resolutions, and improve the overall customer journey from onboarding to post-claim service.
5. Collaboration with Brokers
The Liability Insurance Company collaborates closely with brokers in the development of the customer portal, ensuring a seamless experience for both parties. They also provide metadata via Bipro standards to ensure shorter update intervals.
6. The Digital Insurance Podcast
Jonas Piela, who advises the insurance industry on digital transformation and runs the Digital Insurance Podcast, interviews CEOs and managers from the insurance industry about digital transformation challenges. The podcast, which has been running since April 2020, aims to provide ideas and inspiration for listeners in the insurance sector.
Despite a pilot project in 2019 showing that customers tend to reject the conclusion of liability insurance via a chatbot solution, the Liability Insurance Company remains committed to digital transformation. They value their broker relationships and ensure each online offering is vetted for its economic viability to avoid jumping on false hypes. The long-term goal for the customer portal is to allow paperless access to necessary data.
Stefan Liebig, the CEO of the company, describes it as a service provider rather than an insurer. He emphasises the importance of both distributors and product providers offering good products and processes for customers. This approach aligns with the company's goal to meet the needs of brokers and end customers for immediate problem-solving, ultimately raising customer satisfaction.
The Liability Insurance Company is exploring ways to collaborate with other technology companies for the development of innovative financial solutions within the business sector. The company's commitment to digital transformation also includes the expansion of its customer portal to include additional financial services, such as online banking and investment options.
To stay competitive in the fast-paced digital world, the Liability Insurance Company is continuously researching and implementing cutting-edge technological advancements to enhance their financial services offerings, ensuring they meet the evolving needs of their customers.
