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The Challenges Driving the Digital Transformation of Insurance

The Challenges Driving the Digital Transformation of Insurance

Summary

The momentum of change and technological innovation within insurance has exploded in the last few years, evidenced by increasing levels of investment in insurtech both globally and within the UK.This has left the general insurance market in an incredibly exciting, but also challenging and chaotic, space.

There are some very real existing and emerging challenges in the market that need to be resolved which, at their very core, require a rethinking of what insurance looks like.Only in understanding these driving forces can we start to effectively frame the solutions needed to deliver excellent customer experiences.Further, they allow us to critically assess individual ideas among the great storm of insurtech concepts swirling around the industry.

The Challenges Driving the Digital Transformation of Insurance, report takes a look at the forces driving new and innovative approaches to providing excellent customer experiences within insurance. The reports identifies the ways in which consumers have changed and how customer servicing needs to be viewed in a different light, before focusing on particular new developments and innovative propositions that display approaches key to providers’ future survival.

Scope

  • In a world of instant and mass connectivity, enabled by technology, knowledge has been democratized. In this new reality, if you don’t provide excellence as a service you’ll be found out very quickly.
  • Delivering customer delight primarily comes down to satisfying two needs: responsiveness and communication.
  • Trust is already the most critical currency insurers must trade on - it is truly foundational.
  • The conversation will be moving from one in which an insurer offers the traditional product of risk transfer to one in which it will provide risk management products and a broader wrap-around complement of services.
Reasons to buy
  • Strengthen your understanding of where insurtech and digital solutions are taking the insurance industry, and the steps providers should be taking to keep up.
  • Benchmark and consider your approach to customer servicing against a view of how consumer demands are shifting.
  • Pick up on key new approaches being taken in the industry and fresh players using different business models, for consideration in your partnership and competitor strategies.


  • Three driving forces sit at the core of the insurance market's digital transformation
  • A New Form of Customer
    • Technology has changed the rules of engagement
    • There are rising and changing expectations from a new form of customer
    • Amazon continues to invest in ensuring market-leading responsiveness
    • InMyBag offers a responsive and communicative approach to insurance
  • Trust as a Critical Currency
    • Insurance is founded on a promise and so trust is a critical currency
    • Trust is ever-more important in the GDPR era
    • Achieving transparency is key in building trust
    • Tools to educate and empower customers build a bridge on trust
    • Winning credibility is necessary to improve levels of trust
    • Tesla demonstrates the power of listening to customers
    • Lemonade's proposition has developed from a focus on fostering trust
  • The Countdown to Preventative Solutions
    • The emergence of preventative solutions is a game-changing shift in the market
    • Smart device take-up faces the challenge of making the case to the customer
    • Neos' smart home proposition provides an example of preventative solutions
    • Preventative solutions are emerging across personal lines
    • Preventative solutions have application in an evolving cyber insurance space
  • Appendix

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