The need for digital tools and processes that provide quicker, cheaper, more flexible and safer performance is rapidly increasing. Many of the international industry surveys conducted, particularly on investors and their advisors, highlight this trend, which has placed digital transformation as a key topic on board agendas and change programmes around the globe. Not only does this apply to new generations, who have grown up in an increasingly digitalised world and who are now becoming our customers, but we also see that all generations are becoming accustomed to - and thereby expecting - flawless digital processes and excellent service. In an increasingly mature life insurance and wealth management market, digitalisation is one of the key differentiators between the many market participants.
Through GB Life Luxembourg’s business model, we interact with many different stakeholders (banks, brokers, asset managers, etc.) who play an essential role in providing the overall client experience. With several stakeholders involved in the chain, the challenge - of transforming the products, processes & services and ensuring a great customer experience through digitalisation - is multiplied. All stakeholders should therefore be aligned and involved in addressing this challenge, putting the client at the heart of our solutions. In essence, we should all focus on our core value-added tasks, re-discuss roles and responsibilities and redesign the entire value chain and business flow in order to optimise value for all stakeholders while delivering an excellent service and experience to our clients.
Technology is the main innovation.
Pieter Coopmans, CEO (GB Life Luxembourg)
Within GB Life Luxembourg, digitalisation is driven by the key pillars of our strategy (innovation & efficiency) and guided by our vision. Our vision is reducing the hassle and simplifying the process of subscribing a life insurance policy – by providing solutions that make life easier for our business partners and clients; and to provide an experience that meets today’s online, real time expectations. Technology is the main innovation driver – enabling easy, secure and sustainable life insurance solutions and integrated distribution models to satisfy the (wealth) planning needs over generations. To achieve this vision, it is fundamental to instil a transformational culture and agility throughout the company.
GB Life Luxembourg has done just that. Immediately after the acquisition of the company, at the end of October 2017, we started implementing a new digital end-to-end platform to enhance the customer experience and increase operational efficiency. On this platform, we launched a first digital solution based on an integrated partnership in close collaboration with one of our business partners. With the client at the heart of our new solution and process, we jointly created a fully digitalised flow of information and streamlined the operational activities between our company and our distributor as well as the client. A key distinguishing factor is our ability to fully customise our platform based on our business partners’ needs and organisation: their client relationship model, their control framework, their compliance processes, and their reporting requirements. The policy administration platform is complemented by a client portal with self-service capabilities that further enhances the customer experience and increases efficiency.
Digitisation and integration are essential in servicing customers.
A key feature of the new platform is its full digital capability, allowing us to fully eliminate the use of paper throughout the entire process. This is made possible by the full automation of document production based on information already captured by the client and/or partner and by the introduction of cutting-edge electronic signature technologies. The platform will bring immediate benefits in terms of short subscription cycle of the life policy, full transparency, strongly reduced costs and automated operational and management activities for all stakeholders in the value chain.
In addition, the platform will include all the regulatory and compliance services required to manage life insurance products from the perspective of our distribution partners. This is one of the main concerns regarding digitalisation in the life insurance industry: in a recent survey conducted by PWC in 85 countries across different industries, 62% of the insurance CEOs surveyed raised concern about managing regulatory and compliance practices and requirements.
Having customer satisfaction and an excellent experience at the heart of all that we do, we drive our strategy based on efficiency and innovation with digitalisation as a key enabler. Distribution partners embrace our vision and business model, understanding that digitisation and integration are essential in servicing customers in a better way and optimising the value chain. As such, we see the fast-paced technology improvements as an opportunity and catalyst to execute our strategy and deliver on our vision.