Digital transformation: How far have financial service providers and insurers got with this?
Insurance has been around for some three millennia and aims to cover the financial consequences of a risk that a policyholder is unable or unwilling to accept. Insurance is usually not ‘top of mind’, but it is important. Particularly when making a claim. And at that point, a policyholder or insured person expects a rapid and good resolution. We now live in a world in which new technologies are making their entrance in rapid succession. This is particularly true in relation to digital transformation. Everything needs to be done faster and better – but how far have financial service providers and insurers got with this so far? Onguard carried out research into how finance professionals working in the insurance industry and financial services view the current trends and developments. (Click picture to enlarge)
In recent years the insurance industry has undergone the same kind of transformation as the banking sector. Traditional insurers appear to be losing ground to new, smaller players chosen by a growing number of customers because they provide specific services with the right technology. The competition is increasing, the technology is accelerating and customers are increasingly critical. They expect their insurer to match the level of service offered by other insurance providers. Furthermore, they want to be able to reach their insurer 24 hours a day, seven days a week. They also want real-time data, online self-service options and personalised communication and service based on customer data.
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