"The key starting point is to inspect the insurance value chain and assess whether insurtech is appropriately leveraged across the operation to deliver maximum efficiency and productivity. The evidence suggests that a refocus towards areas of the value chain under-served by insurtech initiatives will bring about the innovative behaviours needed to meet growing demand for a new degree of customer relevance."
Steven Watson Accenture March 2018
Transforming the front-end may achieve a return of just £5/$5 for every pound/dollar invested whilst a digital platform transforming both the front end and all participants including the supply chain can yield £30/$30 for every pound/dollar invested.
That should be sufficient reason to pour over this Accenture Report.
The distinction between brokers, carriers, reinsurers, managing general agents and the like is of little interest to consumers. From a customer’s perspective, insurance falls into three parts: Buying it Owning it Using it For the digital insurers who make their customer experience simple, they remove friction from the three-part 21st century insurance value chain. Such as making it significantly easier and/or quicker to buy insurance. They use tech to mitigate, even avoid preventable losses for their customers. Or, they offer added value through engagement and complementary services. And they make the claims process quicker and easier. The big shift in claims is to put the process in the hands of the customer enabled by platforms such as 360Globalnet.