Great point made here- technology for technology's sake is not the answer. Many re-insurers and carriers are trying to catch up and invest without a clear vision, strategy or people to execute these effectively.
Customer's behaviour is changing, buyers are more demanding and those that make claims expect a faster and engaged service. There are market leaders like Legal & General that are showing the way and too many investing in technology without the rigour of vision and detailed planning.
It is not enough to deploy:-
- Simpler quote and buy insurance
- Automated FNOL
- Single product digital insurance
- More efficient supply chain
It is now essential to offer a total end-to-end, digitally transformed offer from
- buying through
- mid-term amendments
- to additional products
- Claims FNOL to Settlement
- Value-add Services
Rather than simply invest heavily in digital technology, re/insurers must use it to fundamentally alter and enhance the way they do business, providing a more accessible, customisable, and integral set of services for their customers. Accenture maintained that if companies react quickly to these shifting consumer landscapes, they may gain a competitive edge and preserve many of their traditional revenue streams. Additionally, early adopters will be able to exploit new business opportunities that may emerge far outside of the traditional re/insurance market.