Business-as-usual within the insurance industry is coming to an end. The World Insurance Report 2018 from Capgemini and Efma highlights the need for insurers to have digital agility, cater to customer demands and create future-ready operating models to stay ahead of BigTech competition.
The 11th edition of the World Insurance Report features interviews with 130 insurance executives and more than 10,500 customer responses from 26 regions across North America, Europe, LATAM and Asia-Pacific.
Our 2018 findings reveal:
- With the insurance industry playing catch-up to deliver superior customer experience, there is still a window of opportunity for insurers to improve their digital agility to attract and retain customers as BigTechs are preparing to establish a presence in the insurance industry.
- As customer expectations and market dynamics rapidly evolve, digital agility will be critical for insurers to predict and respond quickly to shifting customer attitudes, market opportunities, and risks.
- To enhance digital agility, it will be important for insurers to build synergistic InsurTech capabilities at all operational layers―real-time data capture at the customer interface supported by advanced analytics tools―to enable real-time insights and seamless digital execution.
- Only those insurers that foster digital agility will be in a position to develop future-ready operating models based on a digitally integrated ecosystem that will ensure long-term business sustainability.
The report will be presented at the Insurance Council in Paris on 11 June 2018.
Keywords : Insurance Products & Services , Operational excellence/Cost efficiency , Fintech , Digital/Mobile channels , Customer experience