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Teaser: Why it’s all about taking a ‘best of both worlds’ approach

Author: Ben Legg, Chief Product Officer, Open GI

Reports of the death of excellent personal customer service amid the increasing use of digital technologies have been greatly exaggerated. Rather, what’s feeding through the insurance market is increasing recognition of the opportunity these technologies represent to deliver the best of both worlds for your customers.

Embracing new digital technology is critical for brokers to stay competitive and grow their businesses. But it goes beyond that in today’s operating environment – it is also an opportunity to add value through delivering more personalised support while aligning with the ever-changing expectations of customers.

Data and the digital experience

When creating new user journeys and customer experiences, it is important for brokers to review their business and closely examine the problems they are trying to solve. Digital tools are important, but they’re only part of the solution.

So, how have customer expectations changed? Customers are increasingly technology savvy, and with 50% of internet traffic on mobile devices, many now run their lives online and, on the go, from banking and shopping to paying their bills and accessing the latest boxsets.

It’s estimated that at least 21% of the Irish workforce is under 30, (a number that will only increase) known as ‘Gen Z’ this group have high expectations when purchasing goods and services. They want instant access through personalised experiences and individual user journeys, whenever they want, wherever they are. And, perhaps more to the point, they now expect this access, almost as standard.

New digital platforms can meet these changing needs and requirements. The solutions these provide run the gamut from delivering simple and convenient policy processing and payments through a quote and buy website, to the quick delivery of policy documents through their personal customer portal. Digital solutions have enabled automation that speeds up processing and produces paperwork quickly while giving customers what they want.

Enrichment solutions providing access to key collections of data at the point of quote and implementing automated workflows can drastically speed up the application process, delivering on customer expectations which saves time and increases efficiencies for the broker.

With new digital solutions and increasing levels of automation, it is essential that new and existing customers can access insurance services and support in a way that suits them – and importantly is right for the product they are purchasing.

For example, a niche provider of insurance for mobile phones – a low-value, high-volume product – must implement a 100% digital customer journey to make it viable. That digital journey must enable a quick and simple customer experience that delivers the right policy to the customer in minutes.

When selling personal lines insurance like motor or home, digital applications have become essential in creating an efficient customer journey. Supporting these with elements of personal customer support and expert advice help to create the holistic user experience that customers crave.

Customer service in a digital world

Customers have high expectations for the communication and support they receive from their broker, requiring a quick if not immediate response to their questions. Digital can transform your broker business but if the right level of customer support is not in place, all that effort could be wasted.

It’s a testament to brokers that they take such pride in the level of personal expertise and advice they provide to their customers, with some segments and policies needing more one-on-one conversations than others.

The customer journey for purchasing commercial SME insurance is a case in point. Relying less on the automated workflows, and more on open questions and conversations to build an accurate view of the business and the risks involved. This will ensure the right information is discovered, leaving both the broker and customer feeling confident that the right policy has been produced.

Today’s broker is too busy to provide the same level of support to every customer, but the nature of insurance ensures that this is not required. Yet with so many innovative communication touchpoints available for the broker to use, from emails to phones or even AI Chatbots, there is no longer any excuse not to provide some level of support to every customer throughout their purchase journey.

Brokers can integrate digital applications that automate processes and increase efficiency, selecting those that will deliver the biggest impact for their business. This doesn’t mean the end of the personal service but rather an opportunity to deliver a complete digital and personal service and support package covering all your customers’ needs – and surpassing even their most elevated expectations.

Mobius delivers digital

Mobius, our cloud-native broking platform presents an easier way to manage your business.  Access our pre-built ecosystem with easy connection to the digital applications you need and the partners you want to work with. With the digital systems in place Mobius gives you the time to deliver the personal support your customers need and service they expect.

To find out how we can help you manage your business the way you want, go to our Mobius website.

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Open GI continues to look at ways to improve how its leading broking platform Core, works for brokers in the Irish market. The technology partner is committed to investing and improving the usability of Core, having delivered over 190 free system enhancements since 2019.

With Core 18, its latest iteration of platform enhancements well underway, brokers in Ireland can continue to look forward to additional workflow and functionality improvements throughout 2023 and beyond. Better still, customer feedback has helped shape several improvements in how Open GI communicates upcoming releases to ensure our customers are well-prepared and get the best from the latest features.

To get further details on all the latest Core 18 enhancements and to watch any webinars you may have missed, please visit the dedicated page: https://opengi.co.uk/core-18-upgrade/

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What can the cloud do for me and my business?

The cloud is a part of everyday life. If you have an online email account, use social media or are using one of the many streaming services, you are accessing the cloud. The cloud has been around for a long time and its use has increased massively across businesses of all sizes and industry sectors.

 

Moving your business to the cloud is a big step, perhaps one you don’t think you need to take right now, but if you take the leap, you will reap big benefits for you and your business.

 

Every business is facing new challenges every day, but moving your business to the cloud will make you more flexible, increase your security and reliability, and make your business more efficient.

 

In short it will help you transform your business, equipping you with the tools needed to tackle the rapidly changing GI market head-on.

Everyday flexibility

The health of the economy is difficult to predict with the cost-of-living crisis and steep inflation, and you will want to be able to manage the demands to your business. The cloud gives you the flexibility to reduce or increase your capacity to meet the changing business environment. It can scale with your business easily delivering the resource you need.

Following the pandemic, increased flexibility and working from home in some form is here to stay. The cloud allows you access to your data with the convenience and simplicity that you can view the latest Netflix boxset, wherever you are and on any device. This flexible access can also provide an improved work-life balance for your employees and have a positive effect on overall productivity.

Keeping your data secure

We are all at risk from cyber-attacks, it is not just the big brands that are targeted; everyone from individuals to small businesses are on their radar. Keeping data secure is everyone’s top priority and it is no different with cloud providers, it is their full-time job to keep their systems safe. They look after your system security, so you don’t have to.

They employ 1,000s of people to monitor their systems to prevent any kind of breach or cyber-attack.  They also look after your software upgrades and back-up your data.

 

Cloud providers also work to prevent any potential IT failures that could cause any downtime or disruption. Microsoft Azure, a leading cloud provider boasts of a 99.995% uptime rate giving businesses peace of mind that their data can be accessed whenever they need it.

Focus on your business

To be ready for the challenges that you will face in the future, you want to be able to focus 100% on your business and use up resources worrying about your IT infrastructure. Moving to the cloud will help you do that, freeing up your time and reducing your costs. Your business will be more efficient, helping you to deliver the best possible service for your customers.

 

Despite all the benefits that the cloud can bring to your business, the decision to move is still a big step. It should depend on how the transfer will fit in with your objectives and strategies and deciding what is right for your business.

 

The Mobius and Core platforms bring a host of business benefits, enabling you to manage your business the way you want to. They open a host of new opportunities for your brokerage, so to find out more and to see a demonstration in action, contact Open GI now at respond@opengi.co.uk

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