Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Staying Competitive in the Digital Age – O&C Lab Report

[ff_author_box_style2]

Article Synopsis :

Digitalisation is putting the squeeze on traditional insurers: customers are now better informed and have higher expectations around personalised products and services as well as self-service options.

 The Digital Insurer reviews Otto & Company’s Report on Insurance Companies: Staying Competitive in the Digital Age

Six steps to Digital from O&C Labs …

The report “Insurance Companies: Staying Competitive in the Digital Age” by O&C Labs outlines ongoing digital developments reshaping the insurance industry, suggests how insurers might benefit from them, and identifies factors critical on the path to becoming a digital insurer. Per the O&C team, there are six digital opportunities insurers can and should explore:

  1. Digital Customer Journey – From successful customer engagement during the research phase through directing and influencing the customer’s decision making process. The most significant part of this journey is offering a fast and simple purchase process across all sales channels, with products and services on online platforms accessible anywhere anytime. The final step of this journey is when the customer “refers” the insurer on social media networks which will help drive future sales.
  2. Social Media – Social Media represents valuable opportunities to enhance customer relationships and identify customer needs.
  3. Mobile Services – Mobile services provide immense opportunities for insurance companies to engage with customers on the go. Insurers are expected to leverage this potential and integrate mobile within the product and omnichannel environment. There should  also be investments in app promotion.
  4. Big Data Analytics – Understanding risks helps in precise underwriting and increased pricing accuracy.
  5. Automated Processes – Flexibility, agility and cost-effective structures will help insurers break free from traditional forms of business operation. There is enormous potential to offer transparent and lean purchase, service and claim processes.
  6. New Market Players – Decreased customer satisfaction and loyalty has resulted in a rash of new-breed competitors such as start-ups and digital data giants. These companies are equipped with better data pools and expertise in collecting and analysing the data; they’re also more agile and capable of producing innovative products. Insurance companies can leverage this potential, learning and unlearning their existing business operations.

Another crucial part of digitalisation is the rapid expansion in the use of sensor technologies such as telematics, wearables and Internet of Things (IoT).

According to O&C, to become digital insurers must identify and close digital gaps in the company, making digital investments and securing the right talent and skill sets to become a mobile-centric organisation.

Link to Full Article:: click here

Digital Insurer's Comments

Digitalisation is about dismantling existing legacy processes and building a next-generation business that is more customer centric, futuristic and customer experience driven.

Insurance companies need to think and act boldly, leveraging data, analytics, mobile, and social, forging partnerships with start-ups and data giants.

Link to Source:: click here

Comments

';

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in