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The Four D’s of Insurance – Target Group research whitepaper

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Article Synopsis :

As insurers are faced with numerous operational and technology challenges, a huge shift is required to turn an industry which is often considered risk-averse and behind the curve technologically, to one that is technology driven and customer-centric.

 The Digital Insurer reviews Target’s Report on The Four D’s of Insurance

The Four D’s that insurers must consider in the  context of digital transformation 

In the research whitepaper “The Four D’s of Insurance”, the Target Group asked 100 marketing professionals at middle manager level and above working in the insurance industry (i.e. insurers, underwriters, aggregators and distributors) what their hopes, plans, fears were for the industry in the future. The Target team found that an ‘innovation wave’ driven by the four D’s of dynamic products, distribution patterns, data and disruptive new technology was on its way and that it would have a significant impact on the future direction of insurance when it comes to providers, products and routes to market.

Here is what the Target team define as ‘The Four D’s’ that insurers must be aware of as this is where the transformational impact of change is likely to be the most profound:

  • Dynamic – the growing need for dynamic products that reflect customers’ requirements
  • Distribution – changing distribution patterns to reflect customer expectations and engagement
  • Data – increased use of which must be harnessed to competitive advantages
  • Disruption – the disruption new technology is bringing to the market

The key findings of the survey are:

  • While almost all insurers continue to develop new products and services, just one in five (19%) consistently bring them to market quickly enough to keep pace with market change.
  • Innovation, data driven dynamic product development and ensuring effective distribution via channels that are consumer aligned are the greatest challenges and opportunities for the majority (56%) of those surveyed.
  • 80% insurers agree the insurance industry should look to other industries for ideas and inspiration for innovation.
  • 78% insurers say insurance products should be more dynamic, adapting to reflect the changing behaviour of the insured in real time.
  • 88% insurers say at least some of their company’s insurance sales will be distributed digitally online in five years’ time, with the internet expected to account for an average of 46% of the total sales.
  • 74% insurers expect big data to drive marketing decision making over the next 5-10 years, with 65% saying it will play a “transformative” role within just 2-3 years.

The Target team conclude that “the impact of disruptive technologies on the insurance industry requires more than just marketing strategy; it requires a new business model aligned to the needs of the digital consumer and the ability to break free of the restrictions of legacy systems and old ways of working”

Link to Full Article:: click here

Digital Insurer's Comments

Insurers are aware of the potential opportunities and threats that face the industry and many have started the journey to transform.  The winners will be those that embrace innovation and take into account the changing needs of consumers.

In order to cater for the empowered customer, insurers must transform themselves into web/mobile based and data driven enterprises. To respond to the growing demands of the tech enabled, omni-channel customer, we believe that insurers will have to focus on the following areas:

  • Assessing and predicting customer behaviour
  • Managing data security, and multi channel delivery
  • Creating a digital culture and weaving this into internal processes
  • Building enabling IT infrastructure
  • Experimenting and  adopting emerging trends at a fast  pace

Link to Source:: click here

 

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