Mark Andrews, domain director general for insurance at Altus, said the established insurance providers are engaged in digital transformation, re-platforming and legacy IT modernisation, but “they are still behind other industries in building truly customer engaging propositions that customers look forward to getting involved in”.
He said research of the top 20 motor and home insurance brands’ websites found most IT investment has thus far been made around quoting engines. He said that while 90% could offer a fully self-service quoting experience, there was little post-sale service.
To investigate the full post sales service see "The Claims Director"
Research firm Pierre Audoin Consultants (PAC) recently asked 200 large and medium-sized insurance companies in Europe about their innovation strategies. It found they are moving from having pockets of initiatives around digital to adopting formal enterprise-wide strategies. In fact, PAC said 70% of Europe’s largest insurance companies had appointed new CEOs in the past 18 months, and it was these leaders who were implementing IT innovation strategies. In October 2016, Gartner said 64% of the world’s largest insurance companies had invested in insurtechs and predicted that 80% of life and property/casualty insurers would partner with these startups by the end of 2018. But the analyst warned that most insurance CIOs were not familiar with these companies or their value propositions. He said this needed to change, and insurers should identify which of these startups could complement their offerings.
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