Modernizing the Insurance Experience
How one insurance client empowered policyholders and agents through a reimagined digital journey.
The Client
A Fortune 500,
Multi-line Insurer
The Business Objective
Digital experience continues to be a driving force for change across the insurance industry. Our client recognized the need for robust selfservice capabilities to meet customer expectations but also wanted to preserve the agent’s role as trusted advisor. They needed a digital platform capable of meeting the changing needs and increased demands of agents and policyholders while also enabling advanced sales and marketing solutions.
Policyholders – Provide anytime, anywhere service options and offer online policy viewing and changes; comprehensive access to policy documents; paperless billing with improved and expanded electronic payment options; and FNOL reporting and real-time claim status — all while keeping the agent notified of policy updates.
Agents – Empower agents to create meaningful business relationships with new and existing policyholders while giving customers increased transparency and control through a combination of in-person and online service offerings.
X by 2 was tasked with developing and executing a comprehensive digital experience transformation strategy and roadmap that would guide the client on their journey toward a digital future.
The Business Impact
increase in online accounts with projected 3% growth per month.
opted into paperless billing in the first six months. Projected to double after one year.
below initial budget projections for key capabilities delivered.
hours saved on a subsequent core system modernization effort.
The Work
X by 2 delivered a comprehensive strategy and roadmap that became the north star for our client’s digital transformation journey. The strategy encompassed people, process and technology, enabling the implementation of a modern digital solution for improved and enhanced policyholder and agent experiences, services, and relationships.
Data Gathering
- Conducted in-person sessions with key stakeholders, including executive and operational leadership, core and back-office business departments, agents, customers and IT to determine current state of the organization.
Analysis
- Identified 87 desired capabilities and 40 self-service capabilities to implement
- Researched and assessed market best practices to validate desired capabilities and identify any barriers to success
- Presented leadership and project team with alternate ideas and solution
Future State Vision
- Developed a capability-driven model for online services including policy information, billing and payment and document access.
- Provided target architecture from business, functional and technical perspectives
- Created roadmap for strategy execution and implementation
Implementation
- Successfully delivered robust servicing capabilities on time and under budget
The Business Outcome
- Enhanced agent locator
- Online quoting
- Account/policy view and modifications
- Online claims submission
- Real-time claims status
- Paperless billing and online payment
- Account billing options
- Document access
- Payment capabilities for agent
- Branded agent profiles