Mihaela Jurje, Head of Global Competency Centre, Allianz Partners Romania: Insurers need to embrace technology and this is not an option anymore, it is a vital requirement
In an industry that is massively disruptive while the digital revolution is creating so many opportunities, Insurance companies need to be quick in responding to the competition and especially to the needs of their customers.
I would say that main transformational areas for 2024 in the insurance industry should evolve around 2 main topics:
- Keep investing in Insuretech while keeping present the human touch
- Ensure Best Customer Experience delivery with fast, convenient and highly personalized services
Generally, insurance companies should prioritize digital transformation, customer experience enhancements, cybersecurity measures, regulatory compliance and sustainability initiatives in 2024 to stay competitive and resilient in the evolving market landscape.
While keeping the customer experience as the core of their transformation, insurers need to embrace technology by learning fast and use it to their advantage to be able to compete in this new world
This is not an option anymore, it is a vital requirement. Strong potential to generate business growth in 2024 include several areas of services. Some of them are related to new and innovative products released on the market like Cyber Insurance (due to increasing frequency and sophisticated cyber threats) or ESG insurance (addressing environmental and social risks such as climate change and social responsibility) while a few traditional products remain attractive however reinvented and addressing new world requirements such as Health Insurance with a specific on preventive healthcare and wellness or Long term care insurance products tailored to the needs of seniors and their families.
Customers do no longer settle for good products. They seek the perfect experience (being it during the selling process or related to customer care area). Personalization of the insurance products is the future. Customer desire tailored products that would meet their specific needs. Companies must leverage data analytics and AI to offer personalized recommendations and pricing, while respecting privacy regulations. With the rise of InsurTech startups and digital-first insurers, traditional companies face increased competition. Differentiating through innovation, customer service and value-added services will be crucial in 2024.
The ability of people to quickly learn and adapt to new technologies, processes and client requirements is the key to maintain relevance and generate evolution
Customer focus and customer delight technics and processes should be consolidated as a first priority. Then of course communication, problem solving, teamwork, time management, continuous learning come hand in hand with the above. By consolidating and enhancing these essential skills we can contribute to the evolution of business services overall.
Fundamentals of leadership transform with the rapidly evolving market trends
While many of the fundamentals of leadership remain consistent over time, the pace of change in the insurance industry impose several key aspects that leaders would need to embrace and demonstrate in 2024. First comes the adaptability and agility in responding to rapidly evolving market trends, which would require the leaders to be more proactive and flexible in their decision-making. Driving the digital transformation initiatives to enhance the operational efficiency and improve customer experience is key in leading a stable and competitive organization in a digital-first landscape. In 2024, customer centricity prioritization remains crucial for leadership in the insurance industry, with a greater focus on personalized experiences and anticipation of customer needs. I also foresee a heightened emphasis for leaders to drive initiatives on the diversity, equity and inclusion area and create inclusive work cultures. Last but not least, integrating sustainability into business strategies and operations is increasingly important for insurance industry leaders. Overall, under the constant shifting market dynamics, leaders will need to adapt and evolve their leadership approach in 2024 to effectively navigate the challenges and opportunities ahead.
2023 was a year of specific achievements for the Allianz Partners Global Competency Center in Bucharest
The most rewarding achievement was strengthening of our anti-Fraud capabilities while managing anti-fraud topics from an international claims point of view. It is already very hard adopting the best anti-fraud strategy tailored on the specifics of one single country, imagine what a huge work was there to catch and document the patterns of fraud in 26 countries and for all lines of business served (Micromobility, Travel, MDDR – Appliance Protection). After a period in which we have developed our anti-fraud expertise and enhanced our anti -fraud detection tools, we won the award for Best Process Improvement Project of the year in May 2023. In June we were designated Best Employer of the year (less than 500 employees category) and in August we got certified as Great Place to Work. In August the entire team had started to work towards getting the ISO 9001 certification. Embracing excellence, we succeeded in getting ISO 9001 certified in December 2023, this being a testament to our unwavering commitment to quality and delivering exceptional value to our customers. This achievement is not just a milestone; it’s a reflection of our dedication to standards that define our journey towards excellence.
All of the above would not have been possible without the amazing team in the Romania Global Competency Center. Our people are fundamental to GCC Romania’s operations and success, as they bring their day to day contribution, effortless, to drive the organization forward, overachieve our objectives and create value for our stakeholders. Leading such an enthusiastic, motivated and thriving team represents my biggest professional achievement this year.
My favorite quote is one of Mahatma Ghandhi’s: ”Be the change you want to see in the world”. These words remind us that each possesses within ourselves the power of change, to shape our destinies and to leave a lasting legacy of positivity and transformation.
Let’s lead by example, demonstrating integrity, compassion and courage in all we do. Let us not wait for others to lead the way or for the circumstances to change on their own. Instead, let us take ownership, size the reign of opportunity, knowing that the power to transform the world lies within each and every one of us.