The Valued Insurer – A report from KPMG
Article Synopsis :
Digitisation and digitally aware customers are transforming the insurance business model like never before. The important question that insurers must ask themselves is “Am I taking customer-centric steps to win over the digitally aware and information hungry prospects”. It is now an opportune time for insurers to redesign their business model to be client-centric and digitally driven.
In the detailed report titled “The Valued Insurer – Leading the pursuit of sustainable growth”, KPMG, discusses ways for insurers to better understand client needs, deliver on these expectations, overcome operational challenges and continuously evolve in each of these critical areas. The report identifies the components of a customer-centric business model as:
- Better knowledge of customer
- Relevant propositions at the right time
- Optimal distribution for each customer segment
- Optimal servicing for each customer segment
The report also presents theory to practice case studies in the field of:
- Products and markets
- Distribution and operations
- Regulation and capital management
- Governance and people
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Digital Insurer's CommentsInsurers will have to shift their focus from back office cost-cutting measures to front line customer-centric innovation. Client data analytics will play a pivotal role and insurers will have to scale investments to develop distinctive solutions in order to gain competitive advantage. Technology is changing and insurers that adapt to the rapid changes will be in a better position for future success.
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