2020 was especially challenging for insurers when historically reliable risk models were upended by business and economic disruptions from COVID-19 and catastrophic events linked to climate change.
While these events left insurers exposed in many ways, they also revealed opportunities for insurers to elevate business performance—from driving cost savings from remote working models and benefiting from cloud operations to increasing digital customer acquisitions.
Of the many lessons of the pandemic year, one resonates strongly in this industry: the importance of operational resilience.
As part of a global, cross-industry research initiative, we surveyed 100 insurance companies to understand how they view their journey to operations maturity. Operations maturity can translate into tech-savvy ways to acquire customers faster or discover new revenue growth.
This means combining data, technology, processes and people into an intelligent, data-driven—and more resilient—operating model. It’s how insurers can reimagine the work people do and how it gets done—from sales and service to claims and finance. And how they can offer next-level experiences for employees and customers.