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There’s no doubt about it; some big changes are going on in the insurance industry.
Recently, I attended our annual Insurance Forum, in London, and met with some key names in European insurance to discuss how the industry is innovating around new products, processes and technologies.
Two years ago, we were talking about Digital Channels, Big Data, and Telematics. All these things are still relevant in 2016, but the focus at this year’s forum was on the increasing level of customer expectation that insurers are seeing and how they can respond to it.
Today, customer expectation and the full digital experience go hand in hand; a trend that is accelerating. Just look at China, one of the most important developing marketplaces. While less than 5% of insurance in China is written online today, by 2019 it is expected that this figure will be over 30%. This is due to customer demand.
So why has customer expectation changed when it comes to digital? I see several main reasons:
What is clear is that we are in a time of rapid and accelerating change - change that is profoundly relevant to our industry: change in consumer behavior, in commercial demand, in competitive threat, and in technology potential. Insurers need to focus on the right technology to underpin their success today and into the future. It needs to be flexible and evolvable, and not just confined to customer-facing channels, digital “window-dressing” rather than substance. It must combine core, data, and digital products, working together, supporting the new customer behaviours that are driving business.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Dirk Emminger Managing Director at knowing finance
02 October
Sireesh Patnaik Chief Product and Technology Officer (CPTO) at Pennant Technologies
Jelle Van Schaick Head of Marketing at Intergiro
01 October
Ruchi Rathor Founder at Payomatix Technologies
30 September
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