Dawid Glawdzin, director of partnership development at Future Processing.
Whilst digital innovation has become the norm for many industries across the world, the insurance sector has been slow to shift to digital. Changing consumer expectations are now setting the pace, with demands for seamless, fast and easy digital experiences coming to the fore. Whilst we are already seeing the front-end benefits, digital innovation is becoming crucial to businesses to acquire new customers, retain existing policymakers, enter new markets and launch new products, all at a lower cost for the customer.
From automated quoting and claims management to data analysis, AI, and machine learning, several technological advancements are poised to further accelerate the insurance industry. Now is the time for insurers to gain a better understanding of how to meet the increasing demand for digital and ensure their organisation is positioned to unlock the potential, and ultimately provide a more customer-centric approach.
Customer expectations shaping insurance models
Leveraging technology is about more than just delivering an incremental improvement when selling insurance, but instead, helping customers choose the insurance package that is best suited to them. To meet these changing customer demands, insurers will need to consider restructuring their business models to ensure they provide more value in the longer term – which is where embedded insurance can come into play.