Deloitte flags disruption and disinterest and the antidote to these threats: -
- True customer centricity
- Product agility
- Real-time delivery through a personal mobile device
- Value-driven ecosystem partnerships
- Relentless and continuous operational efficiency
Take efficiency- it is amazing that just to buy Life & Protection Insurance usually involves a tortuous exchange of documents and forms. Often by post!
Why don't insurers use digital evidence gathering for all but the more complex cases? Why can't they find all the documentation and emails/letters in the data silos inherited in M&As?
Start with the easier things before tackling product innovation but do not leave that too long.
The life and annuity insurance market is experiencing a slowdown. The shifting product landscape, historically low returns on investment, legacy technology, and stringent regulations are increasing buyer reluctance in many markets. Additionally, the high-value, low-friction experience offered by Insurtechs appeals to today’s digital customer, and traditional players are looking at ways to keep up.
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