Customers´ versus Experts´ Perspective in the Insurance Industry

As consumers, we are becoming increasingly digitally savvy and channel a growing part of our communications through social media. By doing so, we are putting the businesses we interact with to a hard test, as strategies and ways to respond to this societal development are diverse and sometimes unclear. In a recent survey, the ‘Digital Insurance Monitor 2016’ (DIM), 3,000 insurance customers as well as more than 100 insurance managers from Austria, Italy, Germany, Switzerland and Turkey have been asked the most urgent questions pertaining to…

Oscillating between ‘Know Your Customer’ and ‘Know Your Bank’

In a previous post, we examined some elements of Know Your Customer (KYC) programs. Now I’m going to drill deeper into what happens when the interests and objectives of customers, banks and regulators don’t converge. In many cases, this gives rise to disconnects or the possibility of disconnects. For example, when the interests/objectives of the bank and regulator don’t converge, lapses occur. Or when the interest/objectives of the bank and customers don’t converge, experience lags. And when the disconnect is between the customer and the regulator, alternate mechanisms…

Do ‘Know Your Customer’ programs really work?

“Know me? No? It’s me!” Every time I walk into an establishment where I hold some sort of loyalty card, I wonder if “they” really “know me.” That got me to thinking about Know Your Customer (KYC) programs. More and more, financial institutions are performing KYC, not to really get to know you, but to check off that they followed yet another mechanical process. Recently, I ran into a very good friend of mine that I had lost touch with for almost 30 years. When we met…

The Complexity of IAM Projects: Agility as an Opportunity

Autoren: Dr. Silvia Knittl, Tillmann Strohbach und Sven Schreyer Identity and Access Management (IAM) controls the user authorizations in an organization, supported by appropriate software. As an essential part of the IT security architecture, IAM ensures that users receive the exact authorizations they need for their daily work. Therefore, IAM is a critical factor for business processes to work. IAM projects are complex due to the multitude and wide range of the involved stakeholders (e.g. HR, the departments, the end users or persons responsible for the…

When Speed to Market Doesn’t Seem to be Enough for Insurers and their Products

In today’s world we have some clear indicators that power has shifted from companies to consumers and consumers’ expectations are increasing exponentially due to their experiences with other services, primarily services driven by technology. This is a world of immediate information and gratification where outside industries are raising the bar for traditional companies that operate in more traditional business areas like insurers.

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