Reaping the rewards of digital transformation

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Insurance companies that are early adopters and willing to embrace digital transformation will reap several key benefits.

The first is cost competitiveness by leveraging a cloud-based platform and paying based on consumption rather than paying for software licenses and infrastructure maintenance. The second is increased speed to market, which allows companies to conceptualize and launch products more quickly and therefore see a return on their ideas and investments sooner. The third is increased agility, meaning consumers can purchase products through any channel seamlessly, making the journey from research to purchase more seamless.

A fourth crucial benefit is the ability to connect with various ecosystem partners. Consider life insurance linked to wellness incentives, where customers are incentivized through discounts on their premiums to use gyms or health programs to stay well. By using digital technologies, some of the customer’s data, subject to data privacy laws, can be shared with partners within those programs to deliver benefits to the customer. Without a digital platform, such a program would be complex and cost prohibitive.

A new kind of player
As barriers to entry fall, niche companies are drawn to the industry. One chiropractor email list example in the United States is Lemonade , which started out as a peer-to-peer insurance company, initially only licensed for New Jersey and New York. Today, Lemonade has expanded to most states and is attracting customers with its fast application and approval process for renters or homeowners policies, deep premium discounts, and quick claim settlements.

While the approach and solution will vary from market to market, the business and customer needs are the same. Customers are digitally connected, they are shopping and they are aware of what new players are offering. Traditional insurers must go digital to remain relevant.

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Click on the button below and discover everything we have to tell you about digital transformation. And remember, if you need help with the transformation of your business, don't hesitate to contact us .

The graphic above shows the four stages of Inbound Marketing. In the world of recruiting, instead of attracting, engaging, and delighting customers, the goal is to attract, engage, and delight your candidates. Borrowing from the Inbound methodology, below is the Inbound Recruiting methodology that lays out the four stages of a candidate’s journey and the interactions they may have with their employer brand along the way. (Note that the tools are listed below the action where they first come into play, but that’s not the only place they can be applied. Various tools, such as Events and Glassdoor, can be essential at various stages of the methodology.)

inbound_recruiting_methodology

As you look at this chart, think about your company’s candidate experience at each stage. How do job seekers first hear about your company? Maybe you have a landing page that engages your audience, social media content that gets you on the radars of passive candidates, or an up-to-date InfoJobs page. Once someone has visited your website for the first time, are there opportunities for them to engage and interact? Subscribing to a careers blog or signing up to your talent network are examples of how to turn that interest into action.

Applying for a job is a big decision, so it’s important to foster relationships with potential candidates who have shown interest in your company. Emailing your potential candidates helpful content about your culture and application process, inviting them to recruiting events, or giving them the opportunity to speak with someone at your company via live chat are all ways to provide value in the decision-making process.

Finally, how can you turn candidates into promoters? Creating a remarkable interview and application experience, asking for feedback through surveys, and giving candidates who don’t receive an offer the opportunity to stay in touch are all steps to building a community that will refer friends to your company or reapply in the future.

We know all this can be very overwhelming. It is a major change and there are many aspects to take into account. Don't worry, at Esmartia we have been helping small and medium-sized companies with their digital transformation for a long time. If you want us to help you too, just contact us by clicking here .