According to a new report on InsurTech from Accenture, insurers are “facing increasing pressure to evolve and reinvent themselves before disruption, caused by emerging technology and insurance startups, hits the bottom line.”
Sabine VanderLinden PropertCausualty360.com
She goes on to say:"These emerging technologies present an opportunity to reinvigorate insurance through the creation of diverse teams whose members come from different nationalities, backgrounds and generations. InsurTech and the entrepreneurial minds in the space encourage a reshaping of the traditional business model by working with teams who incorporate new ways of thinking. As a consequence, these insurers are appealing to workers who in the past may not have shown an interest in insurance by actually doing some really cool new things."
Combining this entrepreneurial mindset into a culture supported by visionary leadership will help incumbent insurers fight disruption from within and without the industry.
One way to hep is to see how you benchmark against your competition. See "Benchmark your Digital Maturity Assessment"
Another critical choice is to partner with the right technology partner. When it comes to digitally transforming claims one potential partner has the pedigree of processing over 3.6 million self-service claims with significant impact by delighting customers and claims teams whilst in parallel collapsing costs: 360Globalnet.
It has achieved the very goal that Sabine Vanderlinden sets-
“If they, instead, open themselves to working with entrepreneurs and adapting to this more flexible mindset, they could bring a new idea to market in just 8 to 12 weeks, rather than the traditional months or years and then further refine it based on feedback from clients.”
360Globalnet’s clients achieved this time after time. Even better, once clients deploy 360Siteview they have been able to transform analogue claims processes into fully digitally transformed customers journeys in days (e.g. travel insurance) and two or three weeks (vehicle recall programs).
Now that’s a challenge to take up.
As insurers look to build their future-proof workforces and stay relevant through digital transformations, there is much to be gained from learning how the entrepreneurial community thinks and innovates. That’s because many millennial and Gen Z workers want to be entrepreneurs or work for companies that embrace an entrepreneurial mindset. Think about the young entrepreneur who has created a product and decides to troubleshoot a problem by hitting the streets to solve the issue with a customer, in person. Insurance companies have never operated that way. They were designed for the most part, to not talk to people. If they, instead, open themselves to working with entrepreneurs and adapting to this more flexible mindset, they could bring a new idea to market in just 8 to 12 weeks, rather than the traditional months or years