View from the top: Axa’s Foley on the key to successful digital transformation

We all use technology in our everyday lives, from banking apps to video doorbells, and this has kickstarted an exciting period of digital transformation of the insurance industry.

Regardless of what they’re buying, customers now expect seamless journeys and services, and we have some work to do to ensure the industry meets their demands and expectations, both now and in the future.

Leveraging more flexible and agile technology and harnessing data and analytics is key to providing customers with the best products and services.

Leveraging more flexible and agile technology and harnessing data and analytics is key to providing customers with the best products and services.

And the potential benefits are huge – from improved efficiency in claims and simplifying customer journeys to offering more relevant products, pricing more accurately and enhancing fraud-detection mechanisms.

It is crucial though that we are aware of the risks associated with increased reliance on technology and ensure we protect both our customers and the industry.

We’ve seen evidence from previous economic downturns that financial challenges can lead to an increase in fraudulent behaviour, both from customers making false claims and from criminals looking to exploit people in vulnerable circumstances.

Advanced analytics and emerging technology can help prevent and respond to these fraud risks. For example, generative artificial intelligence, like Chat GPT, has enormous potential to enhance and improve what we do, but it would be risky to solely rely on them at present.

This is where the knowledge of our employees is essential, using a combination of the personal service with the digital tools to achieve the best results.

This increased reliance on technology means we need to think about how our workforce is impacted by this change.

It’s vital for businesses to have a diverse workforce that brings with it diversity in skills to support the digital transformation of an organisation and a more personalised, preventative, connected, embedded and sustainable approach to insurance.

There is a perception that technology is the key factor when it comes to the future of digital. However, the reality is that a combination of technological advances and human interaction is what enables us to move forward in a digital era and make the right decisions for our customers and business. Bringing our workforce on this journey is crucial.

As well as attracting talent with a range of skills, it’s important that we invest in our employees and offer the chance for them to develop their skillset in-house via learning opportunities.

Upskilling

It’s just as important to be able to retain this talent once they’re upskilled.

Our new digital-only insurance brand Moja, which offers customers a choice in the level of cover to suit their needs and budgets, is the result of colleagues with varied skill sets working together to create a unique product offering, designed specifically for use on smartphones or tablets.

In short, having a diverse workforce that contributes to business objectives and supports the ever-changing needs of customers is indispensable.

Without the right talent, it’s not possible to grow and evolve our services, and it can lead to a business performing poorly. This requires insurers to be attractive to the market’s talent pool and means we must offer the opportunities where employees can make a real difference to their future and ours.