Digital Transformation - February 26 2020
Christopher Frankland is the founder of InsurTech360 and Intelligent Automation Advisor at Element Blue. Customer and digital experience obsessed, Chris is a trusted mentor and advisor to InsurTech startups that are transforming the insurance business. He is an expert on the implementation of insurance solutions that incorporate chatbots, robotic process automation, blockchain and cognitive technology. Chris is a regular mentor with the Global Insurance Accelerator program, Hartford InsurTech Hub and OnRamp, as well as a frequent speaker at industry events. He is also author of the forthcoming book The Automation Journey: The Path to Intelligent Automation due out this fall. We caught up with Chris to ask a few questions about Insurer-InsurTech partnerships and the path to intelligent automation and digital transformation.
Chris, you’ve argued that insurance companies looking to provide a richer customer experience need to review their processes through the eyes of the customer. Can you provide some real-world examples of how existing workflows cause friction and headaches for insurers, brokers, agents and, ultimately, customers?
Absolutely. There has been a lot of talk over the past few years within the Insurance industry of disruption and how InsurTechs will revolutionize how customers buy and manage insurance. When you look at some of the key differentiators there, a number of common characteristics start to emerge. Trust, transparency, and convenience are three of the key drivers that, for me, InsurTechs bring to the table. When you think about what goes into enabling those core characteristics of the future of insurance, additional trends start to emerge. Data becomes a key driver for greater accuracy around risk and making sure customers are provided with the right amount of coverage.