Insurance on the road to more satisfied customers through digital
8 Apr 2019
Insurance has been moving slowly, in the face of constant and battering disruption, toward a digital reinvention of its operating model.
Automated in-house systems and agent interfaces have rendered repetitive, labor-intensive tasks more efficient and accurate albeit at the expense of jobs. On the job front however, the greater threat has come from digital disruption of the industry’s time-honored “hands off” approach to customer relations.
Now, with both insurtech start-ups and mega technology companies having clued in to consumers’ desire for round-the-clock interaction, flexible policies, and competitive pricing, incumbent insurers have no choice but to turn their attention and investment toward this type of innovation. That includes acquiring startups, forging collaborative partnerships with them or building their own in-house capabilities.
It’s my belief that, difficult though they may be for large carriers to digest, weathering the next five to 10 years of these disruptions will help bring about at least three great benefits: more satisfied customers, lower costs, and higher growth.
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Embracing the new hyper-connected, app-driven model is the only way carriers are going to remain relevant. While they may currently have the advantage of enjoying consumer trust even they appear to be as solid and secure as Fort Knox itself, the lure of convenience and lower prices can quickly attract away their customers.
Martijn Moerbeek, Director of group digital strategy and innovation