Robert Burr, Asia Pacific CEO of iptiQpart of the Swiss Re Group’s global strategy to make the world more resilient.
In the service sector, many are bound by the unattainable triangle. You may even be operating within the three vertices and not know it: quality, speed and price – often better known as ‘good, fast and cheap’. The unreachable triangle determines that of these three our partners and customers can only choose two. For digital insurance, the pillars we revolve around are slightly different: quality, speed and scale.
In the digital world, we are all capable of scaling at great speed. Quantity comes soon. But how do we sustain this growth and move fast – not just from quantity to quality, but also to quantity? and quality?
The need for trust
Sustainable growth and quality are not mutually exclusive. She depend on each other and also depend on trust: trust in the security and consistency of customer experiences and in the value of our partnerships. To unleash the potential of digital, we need to nurture, nurture and build digital trust.
Digital trust exists in every field of work. Due to the large number of consumer-level interactions, it is often discussed in that context. However, trust in B2B is also critical and must be built in the earliest stages of partnership and collaboration. It filters through every layer of customer relationships.
Reliability, safety and reassurance
There are three zones to build digital trust in insurance according to “Decoding Digital Trust“, a recent study published by the Swiss Re Institute. It starts with trustworthiness: no one can form digital relationships without consistent, reliable data and internet access. Related to this are cultural and generational attitudes — age and other societal factors —which influence on the customer’s willingness to trust the platform Next is security: do users trust the platform to share personal data Is their data only used for purposes for which they have consented?
Reassurance comes on top of everything, fueled by AI and automated decision-making – both empathetic and social – and complemented by human interaction at the right time and in the right place.
We cannot see B2B and B2C as separate entities. They are intrinsically linked and part of one flowing, evolving entity. B2B2C is a complete ecosystem built and dependent on digital trust. As members of that community, our thoughts should focus on how that is facilitated and promoted across the ecosystem.
To harness the full power of data – ethically, fairly and transparently – we need to mitigate risks and drawbacks and enable more personalized, value-added services. These will promote and promote digital trust. Take Telematics’ auto insurance for example: data is collected through a program that customers can sign up for to track their current driving habits, and discounts are given for good behavior on the road. This shows how data is used fairly to provide personalized solutions. Solutions become more resilient and achieve greater scalability and sustainability faster.
Rigorous governance standards are also crucial to building trust in the digital world. A good example of this is the Digital Trust Label launched in 2021. The label is a very first hallmark of digital responsibility: it measures the reliability of a digital service, similar to a certified organic label you see on food products.
Scalable solutions that connect to our partners’ platforms, enabling fast custom plans to be obtained, will make for simple and ubiquitous experiences. Reliable self-service and agent-assisted models or custom hybrids meet consumer needs for ease of purchase and flexible, tailored offers with personalized pricing.
That is the future for digital. If we build trust, customers will come.