SSA & Company Notebook: Digital Tools to Get Ahead During Constant Change

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Note From Our CEO:

The impact of COVID-19 continues to shift priorities for businesses, employees, and customers, and the acceleration of cultural and generational trends has been relentless. As the challenges of the new environment evolve across all industries, leaders continue to look to digital transformation to position their organizations for ongoing success in the future. Inside this newsletter, you’ll find the most recent insights from SSA & Company industry experts on how to navigate new realities. Below, a “deep dive” roadmap in Digital Transformation, a series of thought pieces focused on the insurance industry, and a host of perspectives from our retail experts.

SSA & Company is growing! As the needs of our industries evolve, so do we. Get to know our newest hires and recently promoted team members here.

SSA & Company Deep Dive

When a Digital Transformation Is Nearly Grounded at Takeoff

At the onset of the COVID-19 pandemic, our financial services team was working to roll out a multi-million-dollar digital transformation for a leading re-insurance organization. The goal was to work with the organization to digitize its global operating model to expedite transaction execution, reduce cost, enhance overall service delivery, and grow its competitive advantage. Despite obstacles, our team successfully developed the business case for digitization, drove consensus and adoption of global standards, and oversaw execution.

Read the full deep dive into our team’s work here.

Our Latest Thought Leadership

1. Post-COVID Customer Service: Where AI Can Help

COVID-19 drastically altered customer expectations relating to every aspect of the retail experience. As we enter a new environment, shoppers will no longer tolerate pandemic-era excuses from retailers and are back operating under the mindset that the customer is always right. AI can be the solution for retailers trying to meet evolving customer service needs, as many have come to embrace new technologies during the pandemic. AI-driven tech can fuel predictive personalization, helping supercharge even the most intuitive and knowledgeable customer service agents.

Read the full article here

2. How Insurers Can Attract the New Talent They Desperately Need

  • The Insurance Industry Can Reposition to Appeal to Digitally Savvy Youth – The insurance industry finds itself facing a crisis of talent as technology and digital enablement are rapidly shifting both internal processes and customer interaction models and experience. This has led to the need for a realignment of resources, governance, and infrastructure to accommodate employees in these new working environments- and strongly affects talent acquisition, from recruiting to managing that talent.  
  • Talent Crisis Will Drive Change in Insurance Insurance companies must reach out to a non-traditional pool of applicants to attain the diversified talent they need. The talent crisis, coupled with other market forces, will require a massive shift within insurance recruiting, talent management, and digital adoption techniques. Successful firms will embrace challenges and deploy teams to serve their customers in more nimble ways, to attract, nurture, and keep the talent they need to sustain their business.

The commercial insurance brokerage space is ripe for disruption unless legacy brokerages can get there first. By investing in digital transformation, incumbents can become more agile, fend off new entrants, and disrupt the disruptors. Brokers must recognize the urgency to amplify the digital journey to protect the business not only from outside disruptors but also from system obsolescence and operational risk from within. Digital transformation will result in efficiency gains, improved customer satisfaction, and, ultimately, back-office empowerment to gain market share.

Read the full article here

4. Digital is Fueling an Insurance Evolution

  • Part I: Why Insurers Should Prioritize Multi-Channel Engagement – The emergence of insurtechs and parallel trends in other consumer-facing industries has insurance customers demanding a higher standard of digital engagement. Players that use data to better understand target segments, shift towards a user-first mindset, embrace the opportunity to build their organization’s capabilities, and offer more simple, customized, user-friendly solutions will be able to remain competitive.
  • Part II: How Tech is Evolving Insurance Risk Analysis  In insurance, risk – and the tools used to evaluate risk – are evolving into a divided model. This change will ultimately reward carriers that can adapt and match its business model and cost structure to the characteristics of their portfolio. Successful carriers will bridge risk segments and see client engagement grow.

Retail Perspective in the Press

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