Use this checklist to benchmark against competitors whether you agree with the list or not. Take trend No. 1 Massive cost savers in claims, operations & customer acquisition.
Anticipating competition from agile and innovative digital disrupters will help protect margins. The threat is real as McKinsey recently pointed out that first mover digital innovators win the lion's share of profits.
See "Winner takes most in digital transformation"
There are large potential improvements to be made across all aspects of an insurance claim from FNOL to settlement. See how at "Digital transformation, insurtech and doubling profits"
The full list of 10 trends is:-
- Massive cost savers in claims, operations & ciustomer acquisition
- Engagement Innovation
- Next level data analytics capabilities & AI
- Addressing privacy concerns
- Contextual Pull Platforms
- Marketplace model
- Open Architecture
- Blockchain coming out of experimentation stage
- Algorithms & Robotics for frontliner empowerment
- Symbolics relationship with Insurtechs
This from
" Roger Peverelli and Reggy de Feniks are authors of the worldwide bestseller ‘Reinventing Financial Services. What consumers expect from future banks and insurers’ that was released in eight languages and sold more than 100,000 copies. The sequel‘Reinventing Customer Engagement: The next level of digital transformation for banks and insurers’ was launched in March 2017."
We'll be looking at engagement innovation next.
Quite a few insurers face combined ratios that are close to 100, or even exceed that number. Digitalizing current processes are absolutely necessary, for operational excellence and to cut costs. The digital transformation of insurance carriers started in 2015, really took off in 2016, and will be mainstream by 2017 and beyond. Virtually every insurer, big or small, that takes itself seriously will continue to look for ways to operate more efficiently in every major part of the costs column: in claims expenses, costs of operations and customer acquisition costs. Technology purchases and investments by insurance carriers will further explode in these areas, as will the number and growth of InsurTechs that cater to that need.
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