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Insurance Goes Digital – FC Business Intelligence

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Article Synopsis :

Digital innovation is driving insurers to rethink their distribution strategies.

 The Digital Insurer reviews FC Business Intelligence’s Report on Insurance Goes Digital: What Modern Technology Means for Distribution and Competition

Insurers searching for options on digital customers searching for options 

In “Insurance Goes Digital: What Modern Technology Means for Distribution and Competition”, FC Business Intelligence explores the  shake-up of traditional distribution channels due to the emergence of a new generation of customers and non-traditional players entering the market.

The paper presents a high level perspective on how insurers can tackle issues related to new digital tools, changing customer demands, changing intermediary dynamics, commoditisation, and non-traditional competitors like Walmart and Google. Key discussion points include:

  • Commoditization has become an eventuality, but insurers can maintain differentiation through the effective use of digital channels
  • Consumer discovery of information is going to play a significant role in future sales funnels as customers take more control of the process
  • Intermediary relationships are becoming less adversarial and present opportunities for mutual growth to the extent customer value is co-created
  • Customer demand is pushing change. Insurers must respond to new  demands for information access, personalized plans and digital services
  • Competition will intensify, coming from new sources, as data proliferates. New digital-native competitors may lack a historical context for insurance, which may be an advantage

Link to Full Article:: click here

Digital Insurer's Comments

What’s changing in our distribution landscape? How do we respond? How do we leverage technology and data to re-orient distribution and pull closer to customers? All good questions.

Winning answers, in our view, come via the following actions:

  • Establish meaningful partnerships with technology providers
  • Focus on re-skilling internal IT teams
  • Integrate intermediary/broker/agent modules in all core technology solutions (policy admin, claims, billing)
  • Reward innovation across the enterprise

Digitisation can divide or unite.  Insurers transforming themselves in alignment with intermediaries, brokers and agents will create synergies conducive to growth.

Link to Source:: click here

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