In this digital age, opportunities and threats are often different sides of the same coin. Customers are less loyal and more demanding; competitors are entering the industry with radical ideas unburdened by legacy systems or mindsets. Disruption is inevitable; insurers must decide whether they will be among the disruptors or one of their casualties.
Digital insurers are harnessing the power of digital technologies to re-conceptualize their business models around the customer, and seize the opportunities of a fluid marketplace. They are creating unique customer experiences through new combinations of information, business resources and digital technologies. They take an outside-in, or customer-centric view of the organization, and use innovative strategies, products, processes and experiences to create new revenue.
They balance their investments between improving their existing products, processes and systems, and transforming their business and operating models for new revenue streams. And because the future is becoming less predictable every day, digital insurers build agility into everything they do.