Digital transformation is no small feat for insurance companies as they face inflexible legacy systems and a culture that is notorious in its resistance to change. Yet change they must if they want to succeed in the age of the customer. Customer centricity is more important than ever when it comes to driving profitable growth of insurance companies. These customers are digital natives who expect personalised and pain-free experiences. They desire meaningful interactions at every stage of the policy life cycle. A “one-size fits all” policy does not cut it in the 21st Century, customers want products and services to suit their individual needs.
Singapore Life has taken all of the efficiency that technology provides to create a 100% digital and technologically enabled life insurance company that creates a better value and experience for their customers. We asked their CEO, Walter de Oude what tools and strategies they used to achieve this.