Disruption in Insurance
Author: Daniel Biondi and Paul Cronin
Insurance has long been viewed as relatively stable offering within the financial services sector. Traditionally, people paid their premiums on a regular basis with monies invested for long term gains. Recently though the underlying assumptions, and indeed the very business model of insurance has shifted to the point where it is now being driven to change by a range of challenges.
How do you transform in a sustainable fashion to best leverage current strengths to better fit rapidly changing customer needs?
The response of Insurers has often lagged in response to market forces. Many Australian Insurers now find themselves endangered from overseas competitors who have been early adopters and beneficiaries of digitisation and are now seeking to globalise their offerings.
As an industry, we cannot wait to innovate. This is now an imperative. The real question is: how do we transform in a sustainable fashion to best leverage current strengths to better fit rapidly changing customer needs?
This whitepaper looks at the market challenges being faced by insurers, explores how they could respond, the customer engagement elements and the technology and innovation solutions to enable organisations to engage and serve customers more effectively.
Insurers must evolve to ensure that they remain relevant in a rapidly changing, customer-driven environment. Customers know what they want, when they want it and, just as importantly, how they want it. A lack of attention to the “anywhere, anytime, any device and any channel” mantra will ensure that customers will move their business to those organisations that do understand this need.
Organisations that use a customer-centric approach, focusing from the outside-in, will understand and measure the customer experience of their services and put in place actions to enhance this experience to engender customer loyalty.