Our point of view
With much of the digital investment to date focusing on brand and customer acquisition, many firms are still struggling to streamline customer servicing and operational journeys.
While highly complex and difficult, operations is too important to customer servicing and the cost base to ignore. Whilst few firms have the appetite for a full “newco” approach, there are real opportunities to change through targeted digitization, automation and fintech partnerships. This incremental approach in turn accelerates the cycle of continuous improvement and reinvestment.
A large life and pensions firm was suffering from long product development and maintenance lead times and high change costs which had knock on impacts on customer experience and product relevance.
Initially framed as a pilot, the firm partnered with a specialist insurance focused “no-code” platform to develop, launch and service a new protection product. Having reduced traditional product launch times by 80% and receiving positive customer feedback from the pilot group, the approach was rolled out to the entire new business portfolio.
Significant decrease in change costs and the time to market for new products, improvement in colleague engagement and improvement in overall customer experience (and resulting NPS).