September 24, 2020
TABLE OF CONTENTS
Headquartered in New York City, this insurance giant wanted to create a custom insurance product to better serve its high net worth customer segment. The client was missing out on providing additional services to this customer demographic, needing a custom experience aligned to their unique set of needs. Customers were looking elsewhere to cover certain assets, making it difficult to attract and retain this clientele.
Customers with such a large net worth need all of their assets insured—boats, cars, houses, etc. It was challenging for the customer to manage their various policies, including claims processing and insurance coverage options for these valuable assets. Because the high net worth customers were unsatisfied with the CX, the client wanted to implement a new design process and establish a new user experience team. The challenges included:
Levvel’s mission was to help develop a new product for this clientele from the ground up. With customer retention in mind, the insurer’s digital team was responsible for net new product development. With the newly established user experience team, the insurer was able to start product construction in an effort to modernize, continually create better customer experiences, and retain their high-value customers.
Levvel’s approach included:
This was in an effort to modernize, continually create better customer experiences, and retain their high-value customers.
As Insurtech startups rapidly claim their stake in market share, insurance giants are feeling the pressure to modernize and innovate. This report highlights the symptoms of outdated legacy systems for insurance organizations, and offers vital business solutions and strategies on legacy modernization to improve business success.
The high net worth client portal project paved the way for the creation of a digital payment utility. In addition, the deliverable became a reusable platform to collect payments through the customer web experience. The client was able to engineer additional value to use on other insurance products for a better consumer experience.
You’re going to use technology to change the world. We’re going to help you create it. Whether you are reinventing your company, creating an industry-changing product, or making existing products even better with new technologies—we exist to make your endeavor a success story. Our team is made up of leaders, thinkers, designers, and builders whose collective experience spans many industries and companies of all sizes. We’re avid fans of technology but even bigger fans of solving business problems. An understanding of the difference between an idea and a solution is just one of the things that set us apart.
In this brand new video series from Levvel, our industry experts discuss what the future of insurance looks like, how insurers are leveraging emerging technologies, and what steps established insurers can take now to prepare for the future.
Many organizations struggle to understand how to best innovate and improve. However, doing things the way you’ve always done them will prevent your business from scaling effectively.
Many legacy systems in the business world tend to be Monolithic design in nature. A monolithic application is one where it, and it alone, handles all the business needs. Many industries have this architecture in place for their core applications.
This article aims to present critical issues businesses are facing in light of the COVID-19 pandemic and how to use modern data solutions to resolve, mitigate, and/or insulate businesses from those problems in the future.