Tag: Malta

Sustainability Case Study: Reducing Waste in Our Operations

Sustainability Case Study: Reducing Waste in Our Operations

by , posted in Content Loop, Corporate Responsibility, Eurostat News, Sustainability

Sustainability Case Study: Reducing Waste in Our Operations

At NOVARIC, sustainability is not just a goal—it’s a responsibility that informs every aspect of our operations. As part of our broader Green Initiative, we are focused on minimizing waste to create a cleaner, more sustainable future for both our company and the environment. This case study explores the steps we’ve taken to significantly reduce waste in our daily operations and the tangible impact these efforts have had.

Challenge: Addressing Waste in a Growing Organization

As a growing company, NOVARIC faced an increasing amount of waste generated from everyday operations, including paper use, packaging materials, and energy consumption. We recognized that in order to maintain our growth while adhering to our commitment to sustainability, we needed to re-evaluate and redesign how we managed waste across the organization.

Our Approach: A Comprehensive Waste Reduction Strategy

Our waste reduction efforts focus on three primary areas: digitization, recycling, and sustainable sourcing. By taking a holistic approach, we ensured that every department at NOVARIC could contribute to reducing waste in meaningful ways.

1. Digitization of Processes

The first major step in our waste reduction initiative was transitioning from paper-heavy processes to digital workflows. This shift has allowed us to:

  • Reduce Paper Usage: We implemented paperless billing, contracts, and documentation, moving towards digital records and cloud storage solutions.
  • Use Digital Signatures: By adopting e-signature platforms, we eliminated the need for physical documents, further reducing our reliance on paper.
  • Online Meetings & Communications: We moved many internal communications online, utilizing video conferencing and project management tools to cut down on printed materials and travel.

Impact: Since launching our digitization efforts, we have reduced paper usage by 70%, saving over 50,000 sheets of paper annually.

2. Enhanced Recycling Programs

While minimizing waste generation was key, it was equally important to responsibly manage the waste that we did produce. To tackle this, we introduced enhanced recycling programs across all NOVARIC offices and operations:

  • Designated Recycling Bins: We installed clearly marked recycling bins for paper, plastic, and electronic waste, ensuring that materials are properly sorted and disposed of.
  • Electronics Recycling: Partnering with certified e-waste recyclers, we ensure that old electronic equipment is responsibly recycled or refurbished, reducing electronic waste in landfills.

Impact: Our recycling program has resulted in a 40% reduction in landfill waste over the last 12 months, diverting over 10 tons of recyclable materials.

3. Sustainable Sourcing

Another important element of our waste reduction efforts is our commitment to sourcing materials that are both sustainable and ethically produced. We prioritize:

  • Sustainable Packaging: We use biodegradable and recyclable packaging for all of our shipments and office supplies.
  • PEFC-Certified Paper Products: For essential printing needs, we source paper products that are PEFC-certified, ensuring that they come from responsibly managed forests.
  • Reusable Office Supplies: We’ve replaced single-use items like disposable cups and cutlery with reusable alternatives in our offices.

Impact: By sourcing sustainable materials and promoting reuse, we have reduced our reliance on non-recyclable materials by 60%.

Results: A Measurable Impact

Our waste reduction efforts have not only improved our sustainability footprint but also brought positive financial returns:

  • Cost Savings: By reducing paper consumption and switching to digital processes, we’ve saved thousands of euros annually on printing and office supplies.
  • Environmental Impact: Our combined initiatives have reduced CO2 emissions equivalent to planting over 300 trees per year, a significant contribution to combating climate change.
  • Employee Engagement: Engaging our employees in these efforts has created a stronger sense of environmental responsibility across the company, further embedding sustainability into our corporate culture.

Looking Forward: Our Next Steps

While we are proud of the progress we’ve made, NOVARIC remains committed to ongoing improvements. Our next steps include:

  • Expanding our recycling program to cover more materials, including hard-to-recycle items such as textiles and mixed plastics.
  • Implementing circular economy practices, ensuring that materials we use in our products and operations can be reused, recycled, or composted at the end of their lifecycle.
  • Introducing zero-waste policies in key offices and working towards zero-waste certifications by 2026.

Conclusion

NOVARIC’s waste reduction strategy exemplifies our commitment to environmental sustainability. By embracing digital solutions, improving recycling efforts, and prioritizing sustainable sourcing, we’ve not only reduced our environmental impact but also fostered a culture of responsibility and innovation within the company.

We hope that our efforts serve as an example for other businesses looking to adopt more sustainable operations and contribute to a greener future.

Explore More:

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.

Insurers around the globe are prioritizing hyper-personalization

by NOVARIC®, posted in Content Loop

https://www.capgemini.com/2020/10/insurers-around-the-globe-are-prioritizing-hyper-personalization/

Lately, I have been seeing many businesses accelerate their efforts from personalization to hyper-personalization to keep up with consumers’ head-spinning adoption of everything digital. Firms that took their time to understand the millennial mindset are redefining and consolidating their digital strategies as tech-savvy characteristics initially assigned to the under-age-40 crowd now span generations, genders, and geographies.
Customer preferences are evolving
Source: World InsurTech Report 2020.And when it comes to the insurance industry, today’s priority is a well-defined hyper-personalization strategy that focuses on the 3 Rs of experience-led engagement ‒ delivering the Right products, at the Right time through the Right channels.
Hyper-personalization has taken center stage as policyholders expect customized offerings/services from insurers through the channel of their choice and at an appropriate time. Some insurers received a wake-up call from a World Insurance Report 2020 survey that identified a significant gap in customer expectations and insurer offerings.
The survey shines a light on insurers’ perception of policyholder experience versus actual CX, which links to service and customized and relevant product offerings. More than half of the insurers we surveyed said they did not understand why product relevance was critical for customers.
The 3 Rs gap in customer expectations versus insurer offerings
Source: World Insurance Report 2020.I believe it’s time for traditional insurers to revisit their strategy and consider an agile ecosystem that includes third-party service providers, partners, brokers, agents, and InsurTechs. But where to start?
Let’s begin by reviewing the multi-pronged fundamentals of engagement:
Delivering the right products: How do we deliver relevant products/offerings to customers?
For instance, lockdowns related to the current pandemic scenario and new work-from-home norms find many of us storing our vehicles in garages, yet we continue to pay premiums even though the risk is significantly lower than when we were taking to the streets.
Insurers that leverage customer data to derive intelligence will have a competitive advantage. A comprehensive data capture, transfer, and processing strategy will help achieve desired results.
Today’s insurers can gain real-time insights from IoT devices and can leverage NLP-based support systems for efficient data capture. They can use advanced analytical techniques for smarter data analysis, and apply intelligent process automation to achieve significant operational efficiency. A 360-degree customer view is a pre-requisite for proposing relevant products and services. On-demand and usage-based insurance are examples likely to experience growth soon.
Reaching customers at the right time: There are critical events in life when it makes sense to think about buying insurance. These can include situations in which they are about to make a high-cost, high-value purchase, during financial/tax planning, or during important life events such as marriage or retirement.
Timing can be everything for insurers, particularly when it comes to targeting customers effectively. Agents/brokers empowered with digital tools can leverage intelligent sales strategies. Assessment of a policyholder’s life stage simplifies cross-selling other insurance products. And, leveraging AI helps to track external data about incidents in a policyholder’s life.
Right channel: While there are significant differences in distribution preferences across geographies and products, most customers turn to insurers’ websites and mobile apps before making a purchase decision. The right channel strategy will enable customers to research the firms that best meet their requirements and then translate this information into a purchase decision.
There is no magic potion or a one-size-fits-all solution. It is up to each firm to redefine its customer engagement strategy to align with its unique business goals. Feel free to connect with me to exchange ideas about this topic.