More than 80% of insurers say that the evolution of customer preferences is the main driver of agile and digital services, according to the World Insurance Report 2018.
The evolution of customer preferences is the main stimulus for insurers' investment in technology and digitization services, according to the World Insurance Report 2018. The Capgemini and Efma report notes that InsurTechs (new insurance companies that rely on technology innovation to focus on efficiency and attract specific customer segments) are the leaders in digital agility.
More than 80% of insurers say that the evolution of customer preferences is the main driver of agile and digital services, and that investment in these areas points to the future of this industry, according to the report.
Nearly 2/3 of the insurance companies are testing smart watches and wearables, more than 1/3 are already providing telematics solutions and more than 55% are investing in voice recognition and blockchain, being the automated robotic processes the most implemented digital technology in this area.
"In order0** to monetize their investments, insurance companies have to take a overall view and develop a holistic approach, rather than a fragmented approach**. Moreover, this need is reinforced by the specific resources of InsurTech", said Vincent Bastid, CEO of Efma, in a statement.
The World Insurance Report 2018 underlines that the gentleness offered by technologies and new digital platforms has become a "real requirement" of new operating models, in a scenario of changing environmental, technological and organizational changes, accompanied by competition from the entry of technological giants , the BigTechs, in the insurance industry.
He adds that collaboration between traditional insurance companies and InsurTechs is the key to the effective and cost-effective development of digital assets in the industry.
Among the main needs pointed out by the agents, more than 65% of the respondents said that the end-to-end customization of the journey is at the top. For this, integrated digital ecosystems are needed, capable of establishing simple connections between insurers, clients and partners, creating an efficient flow of information and services.
The study also concluded that this digitally integrated system should have the ability to provide personalized services in real time, responding to customers' growing expectations. The agility offered by digital can enable insurers to gain a deeper and more comprehensive view of customer needs, improve the time to market of innovations, reduce costs and increase operational efficiency, the report added.
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