The Digital Challenge for Insurers – A report by SEYMOUR SLOAN

Article Synopsis :

With customers expecting the same level of omnichannel, anytime, anywhere service from insurers as from banking and retail brands, the insurance sector faces significant transformational and innovation challenges.

Digital transformation requires a multidisciplinary approach 

In the report “The Digital Challenge for Insurers”, the SEYMOUR SLOAN team emphasise that it’s time for insurers to wake up to the digital challenge and highlights the elements that will drive the future insurance market. The report discusses a multidisciplinary approach that will help insurers address the digital challenge.  As per the report, grasping the digital opportunity requires a deft touch and a concerted, ongoing effort across four strategic areas:

1. Embracing an “omnichannel” approach – underpinned by mobility, omnichannel is the integration of disparate channels into a seamless customer experience
2. Redesigning core operations and underwriting – the use of analytics and data mining to drive performance and create competitive advantage
3. Rethinking the business and IT architecture – in order to deliver a seamless service experience
4. Defending market share and driving growth – in response to new models that threaten conventional insurers by offering greater speed, convenience and lower cost

The report also highlights that to form a clear view on where and how to start, insurers can undertake a detailed initial assessment that answers several key questions:

• Where is the current business model under greatest pressure?
• Which digital trends are most urgent for protection, which for seizing opportunities and which can bear watching?
• What is the scale of the implied effort?
• Which areas do target customers most value, and therefore deserve investment?

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