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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

Insurance Goes Digital – FC Business Intelligence

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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