Equisoft Commissioned Study Finds that 82% of Life Insurers Surveyed are Moving to the Cloud to Eliminate CX Gap and Resolve Legacy Technology Challenges
As life insurance carriers work to keep pace with innovation, the focus is shifting from customer-facing, front-end technologies to back-end improvements as legacy systems and outdated back-office methods stand in the way of progress.
Key findings from the independent study to be presented on June 15, in “Eliminating the Insurance CX Gap”
Equisoft announced a new research study, conducted by Forrester Consulting on behalf of Equisoft, revealing that customer experience (CX) is at the front of insurance professionals’ minds as they move to modernize operations and improve back-end processes, amid obstacles that include increasing regulatory compliance demands and the technical resources needed to maintain, update, and develop platforms.
Life insurance executives also cited challenges arising from the manual processes that remain in place which result in siloed channels, data islands, and technology that hinder organizations’ ability to improve CX. These factors are compounded by difficulties in delivering real-time services across all channels, outdated legacy systems, and no clearly defined strategy for creating consistency and cohesion.
According to the Forrester research commissioned by Equisoft, 81% of participants agreed that a digital insurance platform is necessary to satisfy customers and elevate CX. 67% of participants also agreed that they consider themselves a data driven organization that leverages analytics to provide better CX1. Using the findings of this study, industry professionals can understand their limiting factors and what steps they need to take to achieve true digital transformation that extends across all channels.
Equisoft’s Senior Director, Insurance Industry Principal, Brian Carey and guest speaker, Forrester Principal Analyst, Ellen Carney will explore how life insurers have been successful in enhancing CX, what challenges remain, and the solutions for overcoming those roadblocks during the webinar on June 15 at 11 a.m. EDT. Other key findings will be revealed.
“If you’re going to have a true digital transformation, it has to be end to end,” said Brian Carey. “You can have the best digital experience and craft an interface that’s modern, but if you don’t have the right back-end tech it can be disjointed and limit progress. Insurers need to go back and modernize the legacy core systems to create a solvent environment to foster meaningful improvements in customer experience.”
The shift to the cloud is reflected in the research as 82% of respondents said they value a cloud native system that enables CX measurement and look for insurance software solutions that provide CX measurement and data support.
“Being on the cloud enables all these components to flow better,” added Carey. “It’s about getting a consolidated platform that has pre-integrated components to deliver in real-time and enable scalability, while offering a consistent experience.”
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