Revolutionizing the Educator Insurance Experience with Myridius' Strategic Digital Transformation Expertise
Overview
Myridius' client is an insurance company with a rich history of serving teachers and educators for more than 75 years. The client’s products include auto insurance, home insurance, life insurance, retirement annuities, speciality products and investment services.
The company offers a wide range of insurance and financial products that are tailored to the needs of the education sector, with a focus on providing affordable and comprehensive coverage. Myridius' client also prides itself on its breadth of educational resources and financial planning tools, which help teachers, administrators, and support staff build a strong financial future.
The Challenge: Enhancing Customer Experience with Digital Transformation
Myridius' client faced several challenges rooted in its foundational technology and processes that were beginning to take a toll on its customers’ digital experience.
With the rise of more digitally agile insurance carriers, the client identified that its focus on educators alone wasn’t enough to maintain their competitive advantage; it needed to invest in the functionality and ease of use of its digital experience. These problems were compounded by:
- A difficult-to-maintain front-end web page and portal that provided a cumbersome and disjointed customer experience
- A web front-end that did not adequately cover all of the client’s insurance products, leaving some customers dissatisfied and seeking alternatives
- A frustrating customer experience being unable to complete all transactions digitally
- A lack of internal bandwidth and expertise to perform a digital transformation strategy
Strategy and Goals: A Comprehensive Approach to Transform Competitiveness
To address the client's digital transformation challenges, Myridius utilized its proven strategic digital transformation accelerator, which provides a framework to guide an end-to-end digital transformation journey. In addition, Myridius brought together an expert team of insurance subject matter experts (SMEs), marketing SMEs, business analysts, and system architects to guide and shape the development of the digital transformation approach and implementation plan.
The work began with a thorough assessment of the client's current digital platform and customer experience, identifying areas for improvement and laying the foundation for a customized roadmap. This roadmap, tailored to the client's goals and customer’s pain points, prioritized:
- Enhancing functionality and user-friendliness
- Improving the end-to-end customer experience across their platform
- Building upon prior technology stack investments, architecture and experiences to ensure a secure and nimble digital foundation
The Final Results: Delivering a Holistic Digital Transformation
With a 10-week project plan, Myridius' enterprise-wide and client-centered approach helped the client to create a digital transformation roadmap. Through collaboration across the organization, including direct coordination with the chief technology officer (CTO), Myridius was able to:
- Ensure alignment between business goals and technology capabilities to improve the end-to-end integration and data management.
- Document opportunities to optimize and enhance the technology stack to become more resilient and cost-effective.
- Identify improvements that would enable the client’s marketing tools to perform more precise audience targeting and achieve higher customer acquisition rates.
The Conclusion: Transformative Results with Myridius' Strategic Approach and Industry Knowledge
Myridius' strategic approach and trusted partnerships throughout the client’s organization delivered the digital transformation roadmap on schedule. Supported by new technology and updated customer-facing applications, Myridius' client is now better positioned to maintain its competitive edge in a rapidly evolving insurance industry.
This story demonstrates the impact of Myridius' ability to identify a digital transformation strategy that is rooted in our deep client experience.
Want to experience the same results as this client with the support of Myridius' deep bench of insurance industry and technical expertise? Take a moment to set up a personalized meeting now!
Industry
Insurance
Myridius Service Offering
Data and Analytics
Digital Strategy
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