Eye-opening. Just 23% of UK Auto Insurers and and 31% of Home Insurers offering services digitally. And that's basically just FNOL and evidence gathering but NOT the complete value-chain including orchestration of the supply chain. eagerly awaited research from Altus Consulting.
Anecdotal evidence that US insurers no better.
Combine this with the views of over 700 insurance industry participants at the Insurance Innovators Summit in London this month.
"A few select incumbents are already showing an innovation mindset and are partnering with technology providers in trying to reach new customers, yet the bulk of the industry shows little urgency to follow their lead." InsurTech News Nov. 9th 2018
Yet there is no excuse to lag behind especially as McKinsey presents evidence that just four to five insurers in each sector that transform their business and technology models will corner the majority of customers, earned premiums and profits. There is only room for first movers and fast followers.
There is today a scalable, proven digital claims platform that enables any insurer to fight off disruptive threats from platforms such as Amazon, Tencent and Google and that has already processed over 2.5 million claims digitally.
No excuse and time to act now before you become one of the long tail of slow followers fighting for a dwindling share of premiums and profits.
Act now to be No. 1 in Altus Computing's "General Insurance - Digital Research 2020 - Digital Ranking".
AND see what measurable impact that success will have on profits, customer satisfaction, lifetime premiums and competitive advantage at "HOW TECHNOLOGY CAN BOOST INSURERS’ OPERATIONAL EFFICIENCY".
Altus Consulting have updated our General Insurance Digital rankings for 2018. The focus is on key areas of GI Digital Customer Experience across major brands’ Home and Car Insurance. Undertaking desktop research to identify the functions that a customer can carry out digitally with each insurer, our findings highlight that investment in digital capability has continued at pace over the past 2 years. Focus is moving from customer acquisition to customer retention together with improvements in areas including mobile compatibility, renewals processes and claims since our previous research in 2017. Our top 5’s across Home and Motor rankings include 2 Aviva brands, 2 AXA brands, MoreThan and Admiral – but in what order?