The insurance industry is often mentioned as a top candidate for digital disruption as internal and external competitors regard the industry’s perceived weaknesses—such as a traditionally unsatisfactory customer experiences, overly complex products, and customers’ willingness to switch providers—as opportunities to gain market share. Developing new distribution models while simultaneously maintaining the core business is a challenging proposition. Insurers need to continue to invest in the core, reducing costs and increasing efficiency to remain competitive and fund growth initiatives.
Among other things, insurers need to be able to share customer data across channels and to make experiences hyper-personalized based on full knowledge of context and prior interactions. Insurers unable or unwilling to adapt quickly run the risk of falling behind competitors from inside and outside the industry.TAKE A LOOK AT OUR INSURANCE BLOG FOR MORE INDUSTRY INSIGHTS FROM OUR INSURANCE MANAGING DIRECTORS