With annual commissions of over 400 billion USD, the insurance market continues to be one of the most rapidly expanding sectors across the globe. Insurance companies traditionally used agents to manually research financial safeguard solutions to protect their clientele.
To offset the need for manpower and increase underwriting efficiency, Gefen International AI (ASX:GFN), an Australian publicly traded tech corporation, created an award-winning platform named ‘Moments’ that deploys artificial intelligence to mitigate risk factors.
The use of Artificial Intelligence (AI) by Gefen Technologies has since created a buzz in the insurance market by offering fraud detection, underwriting, risk management, and cost-effective services at the click of a button. The usage of Gefen’s AI platform allows insurance companies to create a very powerful and strongly interlinked agent network that serves to improve customer interaction, analyze data tracking, and ensure the distribution of safeguarding products along with financial security services in a timely manner.
These factors within the sector are said to save both the insurance companies and their underwritten clients billions in fees.
According to Gefen’s co-founder and CEO, Orni Daniel, a former Israeli F-15 Air Force fighter pilot, around 91% of insurance policies are manually created via advisors.
Orni claims “Due to regulation, customers need financial advisors to explain to them about the risks and complexities surrounding life insurance or financial products like pension plans for example. But the business for these advisors hasn’t had any digital transformation at all, and we’re talking about tens of millions of advisors serving customers around the world”.
The incorporation of Gefen’s disruptive AI technology within the insurance sector at the b2c (business to client) level is said to provide customers with a more inclusive and less costly insurance experience while allowing insurance agents and corporations at the B2B (business to business) spectrum to save their valuable time on research and focus primarily on growing their sales revenue.
Gefen International Insurance Market Growth
Throughout the first half of 2021, Gefen saw parabolic growth across its key metrics. Their platform end-user database increased from 60,000 to 125,000 users, and corporate agents grew from 1,500 to 16,500. By June 2021, Gefen went public and raised nearly $25 million on the Australian Stock Exchange (ASE) with a current market cap of 69 million and growing.
Hamza Fazal is a reporter for The Hear UP. After graduating from the University of Abbottabad, Hamza got an internship at the NPR and worked as a reporter and producer. Hamza has also worked as a reporter for the Medium. Hamza covers health and science for The Hear UP.
Great Resignation: How to beat Great Resignation with Employee Experience
The world was forever changed in late 2019 when the Coronavirus made its appearance. Countries shut down. Streets were empty. Companies held as best they could or were forced to close their doors. Many would believe that such an event would lead to employees wanting to hold on to their jobs. Typically, large numbers of resignations signify a good economy and abundant availability of jobs allowing people to follow passions instead of necessity.
Post-COVID employee experience is much different.
For two years, and some a bit more, people were forced to spend time alone, realigning the importance of human interaction, well-being, and happiness. This drive for more personal fulfilment, satisfaction, and growth stemmed The Great Resignation.
No longer were employees basing staying with jobs out of need or comfortability. Now they look for work-homelife balance, greater satisfaction and better employee experiences, or they will leave. So how do companies face this? How do they increase employee retention and improve employee engagement?
The secret is in employee experience.
Holistic Employee Experience
There are, of course, no quick fixes for the Great Resignation, small wins can motivate and drive longer-term goals for your organization. The Great Resignation—and COVID by extension—taught many employees that life meant so much more. That the daily grind working in offices with long commutes, stress, lack of rest or relaxation, and the hustle of strenuous work weeks while normal was not conducive to happiness and mental well-being.
But this shift can be used as a blueprint for better employee experience!
Companies who work on being human-centric in ideals, strategies, and decision-making can improve greatly their chances of stemming mass exodus. Post-covid employee experience is now the new golden standard, and it looks at taking a more comprehensive and holistic view of experiences.
How can you be more holistic and how does it help?
- Think beyond probationary periods – Your employees are more important than the first 30, 60, or 90 days of employment, and yet many companies stop professional development and training after these dates. Normalize career growth, evaluations, employee 360 reports, and feedback loops to keep learning and advancement in the scope of your employees. While doing this, you’re also keeping your strategies and Key Performance Indicators—KPIs—fresh as you go.
- Communication is key – Talk to your employees about what they need, want, desire, and what their ambitions may be. Learn your people like you want them to learn your company. With transparent and open communication, you are engaging with your employees and creating an environment of consistency, openness, and inclusion—aspects employees’ desire.
- Employee-centric Corporate Culture – It may seem like the best idea is to center your company culture around the company’s values, vision, and strategies, but this is only half the battle. Integrating employee experience into the fabric of company culture ensures the company is as focused on their employees’ happiness as their own. It creates a bond to grow engagement, which has an effect on employee satisfaction and experience. As these rates increase, so to can employee retention numbers and customer experiences.
- Life and work-balance Erasure – Should your employees have to ask for more work-life balance? No, they shouldn’t. When built directly into work environments or expectations, it becomes something standard instead of something to be sought after. Examples of this could be:
- Flex hours
- Unlimited PTO
- Work-from-home or hybrid offerings
- Expanded benefits to include mental health and free resources
- Altered work hour schedules
Rise of Human Experience
Human Experience is a viewpoint that blends aspects of customer experience with employee experience, important in a post-COVID world. Instead of viewing them as separate entities entirely, companies can connect metrics and measurements of both to view a more comprehensive experience. Employees are customers—or potential ones—and as such, so too can customers become employees. With this view, it refocuses employee experiences in direct answer to the needs stemming The Great Resignation.
Ways you can use CX strategies within EX:
- Employee Journey Mapping – Like in customer experience, companies can work on mapping journeys for positions within the company overall, building in professional development and growth from the outset. They can then alter these journeys through personalization when an employee fills that role.
- Monitoring metrics – connect goals, milestones, and trajectories with metric directly linked to KPIs. Think employee net promoter score (eNPS), employee experience (EX), employee satisfaction (ESAT), and employee engagement (EE), for example, as they can correlate with operational success as well as customer success with your organization.
- View of employees – view your employees with the importance you view your customers. You cannot survive without either, and just as you court customer loyalty for more profitable relationships, so to can employee relations boost revenue, growth, and expansion.
Remote and Hybrid Work
One of the lasting effects of COVID was the desire to work from home or have the flexibility to. According to Gallup, nearly half of full-time working Americans—45%—are still working remotely. White collar workers have even higher percentage, coming in at 70%. After the shutdown, many leaders were surprised to find employees still wanted to work remotely. The Pandemic exposed an internal need for conducive work environments and flexibility.
The office and all it entailed wasn’t as attractive as some leadership believed.
It was agile leadership who switched to maintaining remote or hybrid options who won out against competitors. Record job openings only further highlight how living is more important, and work can no longer be focused on only paying bills. Organizations who shift better with their employees retain talent better.
Remote work is not the only fix, but it does show how views of work’s place have vastly changed.
Act on Meaningful Feedback
Closing the loop between you and your employees is more important than ever before. Simply hearing them is not enough. Active, empathetic listening pair with actions on a consistent basis is the wining combination. Employees not only want to know they are heard but that their input is valued.
Regularly checking in with your employees, and not only attaching it to their performance, creates a culture of partnership.
Ways to gain meaningful feedback to inspire data-driven action:
- Employee 360 Review [LN1] [SP2] – not to be confused with an employee evaluation, the 360-degree review is a way for all employees to gain feedback from peers, subordinates, and managers to assist employee self-evaluation.
- Pulse checks – a powerful anonymous survey tool. Pulse checks are in between annual reviews and keep the feedback coming for HR initiatives, but it can also inform business strategies that are employee-focused as well.
- Surveys – From satisfaction to engagement, the best thing you can do is ask your employees. Working from assumptions can lead you down costly mistakes. By asking directly you can get their true opinions—think of using anonymity to influence candid responses.
The biggest takeaway from this is: employee experiences is an important part of operational success. The evolution of its importance and what it means cannot be discounted. Doing so can led to higher employee turnover rates and you won’t retain your best talent. As employee experience continues to change, the forward-thinking companies with innovative leadership will make it to the top.
[LN1]Would it be okay to tag our template here?
Yes, we can [SP2]
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]