Finance, banking and insurance have had more than their fair share of system failures- customers unable to access ATMs for example, and the ever present worry that hackers will steal customer information. Add to that legislative compliance and Solvency II coming into force Jan 2016 you can see why so many FSPs are risk averse and reluctant to change tried & tested means of working.
Those that don't however, face beii g replaced by agile competitors that fully exploit the new digital platforms bringing customers into work processes like insurance claims.
Aviva and Direct Line are facing the challenge directly and you can see the way they have improved service for customers whilst also stripping out cost.
New insurance platforms like that from 360Globalnet.com offer the digital innovation required with amazing agility. Data driven insurance claims processing with customers a key digital data source rather than relying on large, cumbersome and slow departments managing claims handling
The director of operations at Skyscanner recently revealed that the company has re-organised its workforce into ‘tribes’ to secure true collaborative working. Each tribe consists of multi-disciplined specialists responsible for individual aspects of a product. This structure has enabled Skyscanner to accelerate product development and implementation, helping to create a constantly evolving product. Keeping up to date, especially with integrated technologies, is essential in a mobile world. If digital and technology-enabled companies such as Skyscanner have had to restructure their business in order to maintain its competitive edge, the task ahead for those in the financial services and insurance sectors is even more challenging.