Article Synopsis :
Keeping customers satisfied had never been so challenging for insurers. Customers demand for quick, responsive, and multichannel service is pressing for the need of a new analogue to digital insurance operation model. So what do traditional insurers need to do in order to retain customers, and eventually ensure their own survival in the coming future?
A strategic report from PWC presents key insight and asks some interesting questions from insurers who see themselves in business for the long term. Entitled “Life insurance 2020 – Competing for a future”, the report combines survey data with strategic advice in four sections
• Section one – Two-speed global growth
• Section two – Distribution disruption and the customer revolution
• Section three – Information advantage through ‘big data’
• Section four – Big and fast: Evolving business models
The authors identify five attributes that will mark out insurers who will be able to compete and success in the future:
- Speed of decision making and agility to respond
- Clear insights into where in the complex new value chain they are best able to compete
- Using the latest developments in technology to enhance customer profiling, reduce costs and improve customer experience
- Using new technology to industrialise routine underwriting, sharpen their analytical capabilities and release talent to focus on high-growth markets and deal with more complex risks
- And to make sure they get the benefit from this, being able to communicate value clearly and convincingly to analysts and investors
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Digital Insurer's CommentsThe million dollar question in the report is: Who is best placed to take advantage of digitisation and how?
History is replete with examples of what can happen to enterprises that fail to respond to the changing business scenario and customer demands in time. So now is the time for insurers in Asia to embrace and nurture digitisation if they want to survive and thrive.
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