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OutSystems – P&C Insurance Digital Transformation: Top 5 Challenges on the Minds of CIOs

Executive summary :

The COVID-19 pandemic has changed the world as we know it, affecting all spheres of our lives. For the insurance business, it has become more urgent than ever that P&C insurance executives accelerate digital transformation and product innovation.

 The Digital Insurer reviews OutSystems’s Report on P&C Insurance Digital Transformation: Top 5 Challenges on the Minds of CIOs

Digital transformation is urgent in the P&C insurance market  

The impact that COVD-19 has had on the insurance business is quite complex. According to a recent survey by McKinsey, health insurance grew 17 percent in sales from the first quarter of 2019 to the first quarter of 2020, and life products were down just 1 percent. But for property and casualty (P&C), the pandemic is taking a harsher tone. Travel and auto insurance are likely to be hit the hardest, with one-third of the world’s population under stay-at-home orders.

The impacts of the coronavirus, besides varying from insurance lines, also differ depending on the level of digital maturity of the company. Those insurers who already had a digital transformation in progress are in a better position to respond to communications, servicing, and new business activities as the coronavirus disrupts the traditional operating model.

A new landscape disrupting the P&C insurance business

The outbreak brought several behavioral and economic changes to insurers’ reality. To survive and prosper, insurance companies need to adjust their business and digital strategy to a new reality that includes:

  • Premium reductions:As mentioned above, certain lines of insurance will be more impacted than others. The ones that are expected to have a decrease in income should reduce costs. Otherwise, they’ll see a deterioration of the expense ratios.
  • Ceased of face-to-face interactions: Since WHO declared a worldwide pandemic, many countries have imposed social isolation measures, including, in some cases, temporary national lockdown. As a result, many insurance branches closed, and customers are now, more than ever, preferring the use of digital channels over face-to-face interactions.
  • Slower postal system: The same way, postal systems were also affected, challenging insurers that still rely on paper-heavy communications and manual processes, to adapt and find new digital means of communication.
  • Remote work by default:For insurers, this change impacts certain field functions, such as claims adjusting, and cross-functional collaboration, which is particularly crucial for the claims, underwriting, and actuarial functions. Insurers must be ready to adopt digital tools and platforms to enable an efficient remote workforce.
  • Second-order challenges becoming more frequent:Insurers must be prepared for an increase of fraud and early-policy cancellations.

If insurers don’t address and adapt to this new reality, they may face economic difficulties in the short and long term. That’s why digital transformation is so urgent. However, establishing a digital agenda in a traditionally slow industry is not an easy task. As the market landscape changes and businesses design their digital strategy, there are several challenges they need to keep in mind to be successful.

See the full report for more…

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