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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Global Digital Insurance Benchmarking Report – Bain & Co

Article Synopsis :

Most established insurers have been slow to adopt digital tools and business models relative to other industries, such as retail, media, travel and retail banking. Meanwhile, a growing number of tech oriented start-ups and young firms continue to chip away at insurance markets.

 The Digital Insurer reviews Bain & Company’s Report on GLOBAL DIGITAL INSURANCE BENCHMARKING REPORT 2015

Digital technologies are raining change on insurance executives — not just in IT 

In the “GLOBAL DIGITAL INSURANCE BENCHMARKING REPORT 2015”,  Bain compiles key statistics to help insurance executives better understand the  state of the industry and guide digital strategy  and execution over the next three to five years. To compile the report Bain interacted with 70 insurance carriers across the globe in six key dimensions:

  • Digitally enhanced customer experiences
  • An omni-channel sales and distribution model
  • Optimized operations using digital technologies
  • Advanced analytics and Big Data applied throughout the business
  • Technology activated to enable digital transformation
  • An innovation-ready organization

The report suggests insurers benefit from choosing among four pathways to stage their digital transition (noting none of the pathways is better than another, nor are the pathways mutually exclusive):

  • Advanced analyzer – Uses Big Data analytics in various insurance functions (31% of respondents)
  • Customer-centric insurer – Obtains deep understanding of customers to create a wow experience (6% of respondents)
  • Digital distributor – Promotes omnichannel distribution (20% of respondents)
  • Effective operator – Leverages digital to minimise cost and maximise operational efficiency (11% of respondents)

There is an excellent analysis on global digital trends, with the following findings:

  • Insurers vary widely in their digital progress, though none is truly digital yet
  • P&C companies have made slightly more progress in digitalization than life companies
  • For P&C insurers, digital performance varies widely on many dimensions
  • Life insurers also vary on many dimensions, but have a slightly lower digital performance, on average, than P&C insurers
  • The share of digitally active customers should rise sharply over the next few years

The report also includes detailed C-level research on:

  • Digitally enhanced customer experiences
  • Digitally enabled sales and distribution
  • Optimizing operations through digitalization
  • Advanced analytics and Big Data
  • Digital technology as an enabler
  • An innovation-ready organization

Link to Full Article:: click here

Digital Insurer's Comments

The pervasive penetration of digital into every aspect of insurance, including products, services, and distribution, is arguably the greatest force of change for today’s carriers. That said, most carriers struggle to chart a clear path for digital transformation, much less execute it effectively.

Most attempts at digital transformation are left to the IT department and not driven strategically from the CEO on down.  As this report indicates, insurance executives are beginning to see technology not as an autonomous department or a fad but a core competency woven through the fabric of the entire business.

Turning products and services into digitally accessible solutions and transforming customer interactions into engaging, customer-centric ‘wow’ experiences is the new formula for brand-building in the digital age.

Link to Source:: click here

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