By: Luke Jones, Published on September 8, 2017 09:05 AM, Last Update on September 8, 2017 06:06 AM
The insurance industry is “still in the dark ages,” according to the incoming CEO of Manulife, Roy Gori. He suggests the sector should the adopting modern technologies to give customers what they want and to change the way consumers behave when shopping for coverage.
Speaking at a summit, Gori says Manulife’s allocated budget for technology is used to keep existing systems operational, ignoring the need to invest in innovative technology:
“We need to transform our business to be much more of a technology-driven company,” Gori said. “We need to become a much more customer-orientated organization and quite frankly the entire industry does. In many ways, if I’m absolutely honest, our industry is still in the dark ages.”
Gori was speaking at the Scotiabank Financials Summit, where he added customers want to be able to purchase insurance rapidly, preferably online, and without paperwork:
“If you apply for an insurance product you’ll get a 16-page application form with 120 questions more often than not. It’s still very paper-based, very manual and, as a result, our industry net promoter scores are really very poor,” he explained.
Only by looking to innovation can the industry meet customer expectations:
“Customers engage today on their phones with other organizations in a seamless, transparent and very efficient way,” he said. “That’s not how they work with the insurance industry, so we need to transform our technology footprint.”