efficacy:noun — capacity for producing a desired result or effect
- We’re not hearing as much about those things anymore because we’re actually doing them.
- The coronavirus gave as a very good reason to stop talking and writing about those things and to just do them.
The fact of the matter is that we — in this instance, insurance companies and their policyholders — are living in a digital world. And an inevitably attendant fact is that outdated systems are far less likely to have the functional capabilities required to keep pace with changing demands, market opportunities, and customer expectations.
Modernization Can’t Be a Crapshoot
Insurers have to keep the technology they use up to date and functionally capable. They have to monitor its usage. It’s all but a given now that policyholders want immediate access to their insurance information through their computers and their mobile devices. So, with the evolving nature of technology and the ever-increasing rate of change, it’s fair to imagine several things will become increasingly prevalent: With IoT and Big Data feeding telematics devices and precipitating usage-based insurance, we’ll see more individualized rates as standard personal-lines products, in particular, become ever-more specialized. That means insurers need to recognize the fact that their systems have to be capable of delivering what policyholders are demanding today. If they don’t have them or the capability to add them, alarm bells should be going off.
To describe insurers’ recognition of these fact and their readiness to keep pace with them, we’ve coined an acronym — DICE (digital insurance capabilities efficacy). Simply put, DICE is a way of determining whether insurers are functionally able to meet policyholders demands in the digital world in which their policyholders conduct their lives and their businesses. It’s not hard. And it doesn’t take long.
If you’re ready to determine your DICE, please contact us today.
You can’t afford to roll the DICE with your business.