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Technology is transforming every aspect of the business.
The 10th edition of the World Insurance Report features interviews with 103 insurance executives and more than 8,000 customer responses from 21 regions across North America, Europe, LATAM and Asia-Pacific.
Our 2017 findings reveal:
- The insurance industry is on the brink of a great change. Technology is transforming every aspect of the business, changing external market dynamics as well as internal revenue and operating models. And unlike before, the industry is being inundated with new technologies and innovations, making it vital for insurers to design a balanced strategy that ensures returns from their innovation investments without a loss of focus.
- There is a striking difference between perceptions of traditional insurance providers and InsurTech firms. The report calls for insurers to take a more aggressive approach in fulfilling customer expectations and working collaboratively with InsurTechs to give customers what they demand.
- Digital is becoming integral to the insurance customer experience, especially within the highly-prized segments of Generation Y and the tech-savvy. Digital or digitally-enabled features increasingly define customer Moments of Truth, which are those instances when customers form or change an impression about their insurer due to an interaction.
- Cloud capabilities, digitization, and data and analytics are converging to offer insurers valuable new competencies. The continued reliance of consumers on digital technologies that support mobile apps, social networking, and on-demand services make it clear that the mass market has entered a new phase.
Insurers must adapt to new technologies and be dynamic, collaborative and agile to support these market changes.