“Success is Sure, Believe in Phoenix”

Ensuring Better Customer Experience Through Digital Transformation

About The Episodes

In this episode of Business Transformation - Insurance Edition, we sit down with Michael Malfa, CEO and Co-Founder of Boardwalk Insurance, as he shares the inspiring journey of how his company was born out of a desire to provide customers with an exceptional experience while spearheading the digital transformation in the insurance industry.

Michael discusses the customer experience problem he faced as a broker, where clients were seeking better service and interactions. With limited time and reach, he recognized the need for technology to bridge the gap and enhance the customer experience.

The conversation takes a significant turn when the COVID pandemic struck, pushing businesses towards digitalization. We get to know how an unexpected event accelerated the digital transformation in the insurance sector, where technology-first approaches had previously been less common. Discover how Boardwalk Insurance embraced this shift and navigated the changing dynamics of the industry.

The takeaways also include inspiring book recommendations and hints at upcoming initiatives that promise to shape the future of Boardwalk Insurance. Tune in until the end of this latest episode to gain valuable insights into how Boardwalk Insurance is redefining customer experience and leading the charge in digital transformation within the insurance industry.

Insights from the Episode: Quick Recap

Improving the insurance experience for customers starts with adopting a customer-centric approach. Insurance companies should prioritize understanding their clients' needs and preferences, providing personalized solutions, and offering excellent customer service throughout the policy lifecycle.

To achieve a seamless insurance experience, embracing digital transformation is key. Utilizing cutting-edge technologies such as AI-driven chatbots, mobile apps for policy management, and automated claims processing streamlines operations and enhances convenience for customers.

The Covid-19 pandemic accelerated the adoption of technology in the insurance industry. Social distancing measures and remote work requirements pushed insurers to fast-track digital initiatives, leading to virtual consultations, digital onboarding, and contactless claims processing, ultimately improving accessibility and efficiency for policyholders.

Practical advice on handling insurance clients better involves proactive and transparent communication. Keeping clients informed about policy updates, industry trends, and potential savings opportunities establishes trust.

Engaging with clients through personalized content and providing timely responses to queries fosters a positive and lasting relationship. Clear policy wordings, easy-to-understand coverage options, and transparent pricing structures empower customers to make informed decisions, reducing confusion and building trust between insurers and policyholders.

Ensuring Better Customer Experience in Insurance

Show Notes

Michael Malfa: My first job in insurance was for direct writer.

Kuldeep Bhatnagar: If you're not open to changes, if you're not adapting or adopting, I think you are leaving behind.

Michael Malfa: We're always working with deadlines and, you know, given that, having that ability to be accessible and provide prompt service is critical in our business.

Michael Malfa: The advice I would give is just make sure you're utilizing, number one, the tools that are available.

Kuldeep Bhatnagar: I'm not sure if you got a chance to read it says, if you want something desperately, the whole universe conspires to deliver it to you.

Kuldeep Bhatnagar: Can you share any exciting new developments or upcoming initiatives at Boardwalk Insurance that our listeners should be on the lookout for?

View Transcript

Unravel New Possibilities

Michael Malfa, CEO & Co-Founder of Boardwalk Insurance

Michael Malfa

CEO & Co-Founder of Boardwalk Insurance

Michael Malfa is the CEO and co-founder of Boardwalk Insurance. Boardwalk Insurance is an independent insurance agency located in Ontario, Canada. Michael is always looking for new, effective ways to improve customer experiences. He believes that one should adapt to the situation, and he also says as technology evolves, we must also evolve, and his objective is to leverage technology and make it our ally rather than our enemy. Michael has been part of the insurance industry for over a decade specializing in commercial property and casualty insurance. He is a big fan of formula one and a gym enthusiast.

Meet our podcast host, Shekhar Dhabhai

Kuldeep BhatnagarMeet our podcast host, Shekhar Dhabhai

Chief Sales and Marketing Officer, FBSPL

Kuldeep is a people's guy with a decade of experience in managing operations. Heading sales and marketing initiatives, he looks forward to bringing his passion for people and processes to the table! With the goal of empowering clients and their teams to concentrate on high-level business endeavors, he works diligently behind the scenes, steering the entire sales cycle. Behind the scenes, he guides the entire sales cycle, right from finding the prospects to closing a deal. Currently serving as the Chief Sales and Marketing Officer at FBSPL, Kuldeep boasts over a decade of experience within the insurance sector, making him well-versed in its intricacies and nuances.

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