Future Insurance Business Imperatives

Digital agility is critical to deft navigation of today’s dynamically competitive insurance market and will be a necessity in meeting the business imperatives of the future. Insurers rated the need for end-to-end personalization of the customer’s insurance journey (65.7%) and the need to integrate with new data sources (63%) as their most pressing, high-impact imperatives for the future. These were followed by the need to integrate with new technologies/players (60.2%) and the need to redesign products at fundamental levels (45.8%).

Future Insurance Business Imperatives

Digitally Integrated Ecosystem

Industry siloes are breaking down as firms re-orient themselves to be where the customer is, making collaboration along the value chain critical. One of the key components of a future-ready operating model is a digitally-integrated ecosystem that enhances customer experience and drives operational efficiencies. A digitally-integrated ecosystem can seamlessly interconnect insurers with their customers and partners in a manner that enables efficient flow of information and services.

Digitally Integrated Ecosystem

Benefits of Digital Ecosystem

Improved digital agility and a digitally-integrated ecosystem can benefit insurers’ top- and bottom lines. Digital agility and an integrated ecosystem can provide a significant boost to insurers’ customer engagement and revenue growth by enabling greater insight into customer needs and improving time to market for innovations. It can also help insurers address increasing margin pressures by enabling faster service-request turnaround times, increased staff productivity, and fewer resource requirements.

Benefits of Digital Ecosystem