A variety of powerful new forces are putting insurers on the back foot. Customers are more demanding, new competitors are threatening to disrupt the market, and switching is becoming easier and more commonplace.
There is a solution – in a word, it’s customer-centricity. But attaining it is difficult, especially for insurers that are impeded by siloed organizations, inflexible legacy systems, and business and operating models that are centered on the corporation or its products.
This report takes a comprehensive view of the new business context and the need for customer-centricity. It examines the digital enablers of customer-centricity, and suggests the steps insurers should take on their transformation journey – tackling the inevitable conceptual and execution challenges along the way.