To avoid falling into the trap of being ‘digital for digital’s’ sake, however, businesses must have a clear rationale and vision behind their digital transformation programs.
Looking at the insurance industry specifically, providers, whether they’re in the retail space or the Wealth Assurance sector, are all talking about digitalisation. Their transformation ambitions and subsequent paths to achieving them are front and centre of all conversations.
This is a clear reflection of the challenges and opportunities that the digital economy brings. All industry stakeholders have come to expect a more efficient, compliant, secure and overall consistent user experience.
Looking at the insurance industry specifically, providers, whether they’re in the retail space or the Wealth Assurance sector, are all talking about digitalisation.
As a Wealth Assurance industry leader, we remain laser focused on developing solutions that remain relevant and meet the evolving needs of our partners and clients, ensuring our teams deliver consistent service excellence across all markets where we operate. A robust, agile, and holistic digital proposition is critical to achieving this. Not only does it enhance servicing capabilities and operational efficiency, but also allows us to create further reliability by streamlining and, where possible, integrating our own systems with those of our partners. And here’s how…
Clients, more specifically HNW & UHNW clients, expect a seamless digital experience, not just with their insurer, but with their full end-to-end financial and wealth planning experience. With this firmly front of mind, we work diligently with our partners to support the transformation of their digital operations. Acting as a central hub for a myriad of stakeholders, our objective is to foster greater connectivity with them and their systems. Strong partnerships enable us to break silos and bring more collaboration and integration to the way we operate.
One of the key strengths of our B2B2C business model is that it enables us to adapt quickly. Underpinned by innovation, expertise, and technology, partners and clients are confident that their experience will not falter. Further integration, automation, and the creation of additional layers of functionality allow us to be more efficient, while leveraging our substantive market knowledge and expertise.
Sitting at the heart of our digital service offering is our Connect platform which seamlessly and securely enables our stakeholders to interact with us. Launched in 2017, it was truly game changing for the market and set the bar for the rest of the Wealth Assurance industry. We continue to upgrade the platform, enhancing our value proposition that enables all our stakeholders, both internal and external, to benefit from the advances of our digital transformation.
Sitting at the heart of our digital service offering is our Connect platform which seamlessly and securely enables our stakeholders to interact with us.
As mentioned earlier, consistency is king. And this should never be overlooked. Our digital capability allows us to deliver this. As a unit linked life insurance provider we must offer a solution that enables the same compatibility and high-quality integration with our partners and clients across multiple jurisdictions. We take into account the different country specific regulatory requirements, as well as their differing systems, legal and business demands, and investment services.
In this regard, as I summarise our approach to digital, I would say that there are three key pillars for sustainably future-proofing our digital infrastructure:
1. Firstly, our digital solutions must enable our own people to focus their attention on core business, value adding activities, rather than manual processes.
2. Secondly, our solutions need to simplify the complex.
3. Finally, it must be a catalyst for greater connectivity and integration streaming the user experience, data sharing and building strong relationships with current and future external stakeholders.
Achieving such outcomes requires an ongoing long-term commitment to investment and innovation. Our digital infrastructure and capabilities need to be able to handle the simplest and most complex of situations. In practice, it acts as a hub and is shaped by different regulations, requirements and investment services.
The digital (r)evolution is underway but is no way complete. Looking at adjacent markets, taking blockchain tech as an example and how it’s reshaping the way providers are maintaining secure and decentralised records of transactions illustrates the scale of change that is coming to the wider financial services industry. The businesses that will survive over the long-term must fully incorporate digitalisation and innovation into their DNA. They must never stop looking for opportunities to innovate.
Also referred to as Wealth Assurance