Digital and remote contact channels
80%More than 80% of customers are willing to use digital and remote contact channels (including web chat, email, mobile apps, video or phone) in place of interacting with insurers via agents or brokers.
Because its value proposition is so high, digital transformation for insurers is essential. Digital transformation delivers tangible and intangible value across the insurance value chain, with specific benefits in six key areas:
- Cost reduction
- Customer experience enhancement
- Speed to market
- Sales productivity
- Underwriting efficiency
- Claims efficiency
The seven technologies and initiatives below each deliver many, if not all, of these benefits.
Summary
The inevitable advancement of digital technologies has placed the traditionally slow-moving insurance sector under greater pressure than ever before. Insurers stand to lose if they do not invest more in innovation, learn to experiment more and fail faster. And new thinking, cultural change and different skillsets are just as important as technology upgrades.