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
Look for the scalable, secure, proven platforms like 360Globalnet and 24 others in the Oxbow Insurtech 25 Impact 2018 Report
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.
unknownx500
