Insurance in a Digital World – EY Research Report
Article Synopsis :
Advancing digital technology is disrupting the way businesses are being run and the same holds true for insurers. Digitisation has enabled smaller insurers to compete with larger industry players together with lowering the entry barrier for new entrants. Even though multi-national insurers have the revenues, resources and cheaper access to capital they will have to address the challenges posed by changing technology.
The EY Global Insurance Digital Survey 2013, a thought leadership study, investigates how insurers can best respond as an industry to customer’s rising expectations. The study highlights where insurance companies are now, their approach to digital strategy and execution, their ambitions for future digital maturity and their views on what gets in the way. Key findings of the survey are:
1. Insurers acknowledge their current low levels of digital maturity and the need to take action.
2. Companies have high digital ambitions.
3. Insurers are holding themselves back.
4. It’s all about retention through improved customer experience.
5. Distributors are digital customers, too.
6. Analytics are critical to digital success.
7. Insurers need to embrace the mobile and social media wave.
The study also showcases various case studies describing innovative applications of digital technology in insurance and other sectors.
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Digital Insurer's CommentsCustomers have outpaced insurers in transformation from local to global and social. Increasingly customers are sourcing information directly from digital channels/social media rather than interacting with agents and carriers. In order to deliver superior customer service and beat the competition, insurers need to devise an effective digital strategy where they can engage, serve and educate the customers and future prospects.
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