How well is the life insurance industry keeping pace – KPMG

Article Synopsis :

Digitisation is having a profound impact on how customers behave and interact.  This transformation calls for insurers to deal with emerging challenges and to capitalise on business opportunities in a new and unique way.

Insurers must embrace the opportunities being presented by the new digital world

In the thought leadership report titled “How well is the life insurance industry keeping pace with rapidly changing technology”, KPMG International has prepared an executive summary of  four papers provided by Allianz, Legal and General Group, RGA and Sun Life Financial.  In this report, KPMG has summarised the effect of current technological trends to help insurers apply digital thinking and technology towards the goal of customer-centric innovation and profitable growth. As per the report, there are 5 key drivers for change:

1. Customer Centricity
2. Route to Market
3. Cost Efficiency
4. Agility
5. Global Reach

The report also suggests that insurers will need to move beyond the cost optimisation mindset and focus on executing the following strategies:

1. Stepping out of the ’geek trap’ via simple, friendly and modular products
2. Wooing the customer at their pace, taking account of their ’ROPO‘ (Research Online Purchase Offline) behaviour
3. Not offering ’too much love’ as many consumers are turned off by the hard sell of the traditional face to face sales channels
4. Avoiding ’drifting apart’ by investing in the relationship with frequent and meaningful interactions

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