| |SEPTEMBER 202219magine a time when it used to take days or weeks to get your motor insurance claim amount credited to your account. Now if we were to tell you that this process has come down from days to 20 minutes, would you believe it? This is the essence of digital transformation­ the use of the right digital tools to make life easier for human beings. Digital transformation is as widely misunderstood as it is used! In the truest classic sense, digital transformation is interpreted as the introduction of digital tools to create new processes or modify existing ones. It is an enterprise-wide, function-agnostic drive, focussed on the customer. Moreover, since the drive invariably involves human beings, whether they be customers or employees, the cultural dimension of digital transformation is an aspect which is equally important. Again, in the context of the current pandemic, it is no longer but a luxury but a necessity, no longer an optional way of working but the default mode of operating!The Various Aspects of Digital Transformation Include:(a) Reorientation of Customer Experience ­ For instance, we saw how many firms were able to offer uninterrupted service to customers at the peak of the pandemic when call centres were shut and bots, mobile apps & portals came to the fore.(b) Recalibration of Employee Experience ­ When WFH became the norm, firms could continue to ensure that their employees were physically and socially distanced yet digitally and emotionally connected via the use of digital collaboration tools(c) Emergence of New Business Models ­ Netflix is a case in point. A look at the top performers in stock markets shows you how digital native companies rule the roost!(d) Back & Middle Office Automation ­ While customer facing digital transformation is optically visible, the behind-the-scenes automation (RPA for instance) in the middle/back office plays a key role in enabling customer, distributor, and employee experience(e) Real-time Partner Fulfilment ­ In various distribution-led businesses, the presence of digital tools enables distributors to offer uninterrupted servicing to customers(f) Richer Form Factors ­ The surge in voice & video, enabling customers to enhance a superior level of experience, is one of the significant outcomes of digital transformation. If you refer to the claim process referred to in the opening lines, the process prior to digital transformation involved a call to the insurance firm in the unfortunate event of a car crash, the subsequent appointment of a surveyor nearest to the site of the crash, his arrival at the site, assessment of the extent of damage, submission of the report to the insurance company, processing of the claim and the payment to the customer. Cut to the chase post digital transformation. It is now a 2-step process for the customer ­ (a) Click photographs of the damaged car and (b) Upload images using the mobile app. At the insurer's end, the AI engine, taught using years of expertise, assesses the damage based on the images uploaded, and conveys the extent of damage, in terms of the amount payable to the customer. The customer gives his consent, By KV Dipu, Co-Founder, President, Bajaj Allianze General InsuranceDipu is a Global Award-Winning Digital Transformation & Innovation Leader who is both a speaker & a writer on digital transformation & innovation in global forums & publications.DIGITAL TRANSFORMATIONCXO INSIGHTSIKV Dipu, Co-Founder, President
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