5. August 2021 By Giovanna Contino
360-degree customer care in the insurance context - digital solutions and corporate culture
The VUCA phenomenon
The acronym VUCA is derived from the terms Volatility, Uncertainty, Complexity and Ambiguity and can be used to describe our current environmental and economic situation. Companies are facing new requirements and challenges as a result of the increasing dynamics and changes in the environment, globalisation, digitalisation, the demographic change and the new expectations of employees and customers. Customers expect smooth, fast, transparent and individual approaches, processes and products. But employees also make countless demands on their employers. Among other things, they expect a good, appreciative collaboration and working atmosphere. It is obvious that companies are being increasingly confronted with volatility, uncertainty, complexity and ambiguity, that is, VUCA, in their environment.
Impact of VUCA for companies and the importance of smart solutions
In order to maintain a competitive advantage and stay resilient, companies are forced to develop new skills and expertise alongside their core business. New technologies, optimised processes and therefore automation play an essential role here. One example of how to meet the requirements of customers and employees is to use a suitable digital CRM solution. A CRM system allows the flow of information to be networked across departments and makes all information about a customer – from contact history to offers, contracts, services or acquisition data – available at any time and in any place. For companies, this results in a 360-degree view of the customer who is addressed across all touch points according to their needs, that is, individually. This supports comprehensive consulting as well as identification and, even more importantly, it promotes customer loyalty. In addition, the day-to-day work of employees is made more efficient and internal cooperation is simplified. We can say that a CRM solution simplifies or automates workflows and processes, supports sales activities such as up-selling and cross-selling, enables personalised campaigns and also offers the option to generate various reports. Ultimately, customer experience is optimised and customer satisfaction increases, as it is possible to respond more quickly and comprehensively to the customer and their requirements.
Even today, insurance companies are sometimes perceived as very conservative and traditional, not to say outdated. In times of Google, Amazon and Co., however, even renowned insurers must offer their customers a contemporary experience and adequate support. With Customer 360, adesso reveals a vision to insurance companies that combines a 360-degree customer view and enables this with an enhanced and simplified search (‘Google-like search’). The solution provides the opportunity to flexibly adapt or expand to meet rapidly changing requirements – which is essential in a VUCA world. One particularly important aspect is that it is easy to integrate the solution into the existing IT world of the insurance company!
The importance of a contemporary corporate culture in the VUCA world
But if we look one step further, we see that companies also need to adapt their corporate culture and the way in which they work and interact with each other. The ongoing Corona pandemic, in particular, has shown how important shared corporate values are, especially when personal contact is almost completely eliminated. ‘Trust’ represents the fundamental value here. When the impact of corporate culture on companies is considered, it becomes clear that corporate culture supports the two main tasks of a company:
1.) Act instead of just react to external requirements such as changes in the market and competition
2.) Ensure the internal cohesion of the organisation
A strong corporate culture ensures that employees are more motivated, satisfied and engaged. This in turn leads to stronger relationships with customers and partners. In general, a fast response speed and adaptability are essential in VUCA times. All this can be made possible by a modern CRM system and digital workplace in combination with a VUCA-compliant corporate culture.
It is apparent that this is a strategic trend and that more and more companies are dealing with the issue of corporate culture and the impact of VUCA and are taking appropriate measures in addition to introducing smart solutions and approaches. To conclude, we can say that it is precisely this combination that is the key factor for satisfied customers, employees and ultimately economic success.
In my next blog post, I will take a closer look at the importance of the digital workplace in the insurance environment and reveal the additional benefits for brokers, customers and employees.
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Information about the author: Giovanna Contino has been working as a consultant at adesso since March 2021 She has worked in the IT industry since 2018 and completed her Master’s degree in Business Consulting & Digital Management while working. Her work focuses on the optimisation of business processes. She is also very enthusiastic about topics related to corporate culture, organisational transformation and agility.