"Our role leans more towards service provision than insurance coverage."
In the dynamic world of insurance, the Liability Insurance Company is making strides in digital transformation, as detailed by Jonas Piela in his Digital Insurance Podcast. The company's strategy focuses on innovative, parametric insurance solutions that deliver tailored and immediate benefits, enhancing customer experience and operational efficiency.
The Liability Insurance Company is addressing the problem of timeliness of contract data by setting up a customer portal in close cooperation with brokers. This portal aims to avoid customers accessing outdated data from the broker and allows necessary data access without the need for paper. Further development steps are necessary in data exchange between insurers and brokers to meet the demands of the end customer.
Parametric insurance products, tailored to the specific needs of partners and customers, are a key aspect of the company's strategy. These products, such as those for online travel agencies and airlines in the travel sector, enable quick and flexible adaptations to market demands, differentiating the insurer from competitors and providing a unique value proposition.
Automated payments using digital payment methods like PayPal or direct debit are another strategic move. This automation significantly improves the customer experience by reducing waiting times for settlements, critical in liability and travel insurance contexts.
The company's focus on automation and digital workflows allows for faster resolution of claims processes, reducing operational costs. The strategic aim is to provide customers with "unburdened experiences," especially in situations such as travel disruptions, by digitizing as much of the customer journey as possible.
Innovation and market differentiation are core to the company's digital transformation strategy. They emphasize creativity, testing new digitally enabled insurance ideas, and economically viable products that deliver value according to an attractive price-performance ratio.
The Liability Insurance Company values service highly among brokers and is working towards a 24/7 offering via chatbots and virtual voice assistants. However, the decision between bot or human on the chat is secondary, offering the customer a choice is important.
Jonas Piela, host of the Digital Insurance Podcast and a Managing Director at Jonas Piela Digital Consultants, regularly discusses challenges of digital transformation with industry executives and managers. The podcast is available on platforms like Google, Apple, and Spotify, as well as under DKM365.
Online offerings such as FAQs and software solutions are being tested by the company to further improve customer service and data access. The responsibility for improving app surfaces and access to current end customer data is shared between distribution and product providers.
In a pilot project in 2019, a chatbot solution for liability insurance was rejected. However, the Liability Insurance Company continues to leverage digital, real-time, partner-driven, automated solutions to improve service, data access, and transformation in insurance.
The company considers itself more of a service provider than an insurer, emphasizing the importance of providing good products and processes for the customer, as stated by CEO Stefan Liebig. A confirmation email is received upon accessing the customer portal, reinforcing the company's commitment to transparency and customer service.
[1] Digital Insurance Podcast. (n.d.). Retrieved from https://www.dk365.de/podcast/digital-insurance-podcast/
[2] Piela, J. (2021, March 24). The Future of Insurance: Parametric Insurance and Digital Transformation. Retrieved from https://www.linkedin.com/pulse/future-insurance-parametric-insurance-digital-transformation-piela/
[3] Piela, J. (2020, July 17). The Future of Insurance: The New Role of the Insurer. Retrieved from https://www.linkedin.com/pulse/future-insurance-new-role-insurer-piela/
[4] Piela, J. (2020, October 21). The Future of Insurance: The Role of Data in Digital Transformation. Retrieved from https://www.linkedin.com/pulse/future-insurance-role-data-digital-transformation-piela/
[5] Piela, J. (2020, November 25). The Future of Insurance: The Role of AI and Automation in Digital Transformation. Retrieved from https://www.linkedin.com/pulse/future-insurance-role-ai-automation-digital-transformation-piela/
- The Liability Insurance Company's strategy for digital transformation includes the development of parametric insurance products, meaningful collaboration with partners and customers, and leveraging technology for efficient data exchange, finance management, and business process automation.
- In line with their commitment to providing excellent customer experiences and operational efficiency, the Liability Insurance Company is also focusing on projects like the setup of a customer portal, automated payments, and integrating chatbots and virtual voice assistants for 24/7 support.
