The following article is a condensed version of the "Digital Transformation & Adoption in Sales" webinar on Jul 18, 2024. The webinar featured guests from the insurance and mortgage industries, who discussed and shared their views regarding how going digital has assisted them in their respective fields. Our guests were:
- William Donovan (Director, Lender Partnerships)
- Dawn Holden (Director, SVP, Consumer Direct Mortgage)
- Bobbie Shrivastav (Co-Founder & CEO)
If you attended the event, it was great having you with us. We hope it was beneficial and look forward to seeing you at future webinars.
Here are some key takeaways from the webinar.
Digital Transformation in Insurance
Traditionally, the claims process has been paper-based and difficult for customers to navigate.
One of the benefits of digital transformation in the insurance claims process is that it can lead to a better customer experience. When customers have a positive experience with a company during a claim, they are likely to do business with it again. This helps companies improve their customer retention.
Digital Transformation in Mortgages
The mortgage industry needs to adopt digital technologies faster.
However, there has been a recent uptick in the use of digital tools in the mortgage industry.
Some of the benefits of digital transformation in the mortgage industry include:
- Faster loan processing times
- More convenient for customers
- More efficient for lenders
Challenges of Digital Transformation
One of the biggest challenges of digital transformation is overcoming resistance from employees who are afraid of losing their jobs.Another challenge is ensuring that new technologies are properly tested before they are rolled out to customers. Here are some known challenges and solutions:
Common Challenges
Legacy systems: Both industries struggle with outdated technologies that hinder efficiency and customer experience.
Data security and privacy: Both industries must ensure secure data handling and comply with evolving regulations.
Resistance to change: Employees in both sectors might be apprehensive about new technologies impacting their jobs.
Digital Transformation Solutions
Automation: Automating tasks like pre-qualification and document processing can free up human resources for more complex tasks.
AI and Machine Learning: AI can personalize the customer experience, improve risk assessment, and streamline workflows.
Customer Focus: Digital transformation should prioritize a smoother and more efficient customer journey.
Critical Differences for Each Industry
Mortgage Industry
- Focuses on streamlining the loan application process, especially pre-qualification.
- The emergence of conversational AI (chatbots) to guide customers.
- Concern about loan officers' roles potentially being replaced by automation.
Insurance Industry
- Focuses on improving the claims process through automation and self-service options.
- Highlights the importance of educating customers about the digital process.
- Leveraging AI for automation and customer service.
To sum up,
The webinar and our guests took this opportunity to share great stories and potential things to know for businesses of all sizes. Digital transformation is crucial for the mortgage and insurance industries to stay competitive. By embracing new technologies while addressing security and human resource concerns, lenders can create a more efficient and customer-friendly experience.
Thank you to all our enthusiastic attendees for joining us for the webinar. We hope for your participation and continued support in the future.
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