Digital Insights #2

Digitalization with Baloise

Author: Telindus
17/10/2023
Digital Trust Solutions

In a series of podcasts, Digital Insights, Frank Roessig - Head of Digital Trust Solutions at Proximus Luxembourg - explores how digitalization can improve the AML/KYC and Client Onboarding processes with industry experts. During the second issue of Digital Insights, he discusses the competitive advantage given by the digitalization process and how the insurance industry has to adapt to meet customers' expectations, with Sébastien Proye, Head of IT Digitalization & Customer eXperience (DCX) at Baloise in Luxembourg.

Digitalization: a silver bullet?

Digital transformation is a comprehensive and enduring process that exerts a profound influence on various facets of a company's practices and operational paradigms. While yielding substantial long-term benefits, it demands significant investments and the active engagement of the workforce to ensure successful implementation. Sébastien Proye points out that, when undergoing digitalization, a proactive and forward-thinking approach becomes imperative to pre-emptively address potential challenges that may arise. These challenges encompass concerns such as data security vulnerabilities and employee resistance to change.

He also emphasizes that the benefits acquired through a successful digitalization process are a strategic axis, allowing corporates to improve their image on the market and create a tangible competitive advantage. Additionally, he indicates that customers tend to remain loyal to a company following a satisfactory experience.

 

"Human First and Digital When Needed"

Sébastien Proye underlines the importance of keeping the human being at the center of the relationship. Life insurance, for instance, is a set of complex services requiring a lot of information and significant exchange between the subscriber and the provider. However, not all services are equally complex, hence the importance of developing new communication channels and offering new ways of consuming insurance. 

 

The Augmented Broker

In today's digital age, customers expect convenient and efficient services. As a key player in the international life insurance industry, Baloise recognizes the inherent time constraints posed by stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, necessitating meticulous compliance. This is one of the reasons why Baloise is developing and providing digital tools to brokers, designed to help expedite the data collection process, accelerate review and approval mechanisms, and enhance communication channels with consumers. 

Sébastien Proye believes that digital transformation serves a dual purpose, by not only delivering a new user-centric customer experience but also constituting a strategic solution to align with evolving customer and partners expectations and effectively navigate the rapidly changing business landscape.

 

KPIs Help You to Set-Up a Continuous Improvement Approach

KPIs provide a structured and data-driven approach and are a fundamental tool for organizations seeking to thrive and stand out from the competition. Baloise holds great value for KPIs as they help to deepen customer knowledge and yield invaluable metrics regarding undertaken initiatives. Through the acquisition and analysis of data and measurements, Baloise obtains valuable insights about its customers and partners needs and expectations, allowing the insurer to constantly reassess its strategy and optimize its journeys.

To listen to the complete podcast, please click here!