Insurance as an industry has embraced technology over the years however the power of technology today and in the future provide so many more opportunities. Technology has been a major force in the evolving customer expectations and providers need to proactively develop their digital capability to ensure they keep pace. There are many challenges facing providers in deciding how to prioritise their investment no matter whether they are a long-standing multi-product insurance company, or a single/two product company; whether they are a large or small broker or whether they are one of the many new Insurtech entrants.
How can the industry leverage digital to grow?
Despite the challenges in the wider economy, there remain great opportunities for growth within the Insurance industry underpinned by digital transformation. Insurance providers need to consider how they may adapt to the current trends, whether they are truly set up to be a digital organisation and how mature the technology related foundations are that should be focused on in support of their business strategy.
Becoming a data-led organisation
Insurance organisations have access to a huge volume of data but are yet to fully benefit from the insights it can bring. Data science is still in its early stages as a core capability. The benefits of using the myriad datasets to turn information into wisdom-driven decision making is ripe for exploitation.
Enhancing customer experience
Polls suggest that customer satisfaction in the insurance industry is low and has been static for several years. In todays on demand world, technology provides the ability to impact customer perceptions both positively and negatively. Organisations need to ensure their solutions meet the expectations of today’s customers including being simple to use and available when required.
Dealing with legacy
Many insurance organisations have existed for a long time and have been built from various mergers & acquisitions. A consequence of this is a large number of IT applications and multiple versions providing the same solutions. This becomes an on-going cost challenge for organisations to deal with. Achieving the right balance between investing in new solutions vs removing the legacy is a constant work in progress.
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