“Channel expansion is an important strategic focus, with 64% of insurers investing in this area.” – SMA Research, 2016
- Digital Transformation
- Innovation in Sales Distribution
- Customer Experience
- Advances in Technology and Data
Rapid changes brought about by digital commerce, social media, and the connected world of the Internet of Things present significant challenges to all industries, and insurance is no exception. In order to remain competitive, insurers must rapidly learn how to engage and maintain profitable relationships with agents and end-customers within a new concept of customer experience. The success of those relationships will hinge upon strategies to manage ever-changing channel and functional demands. And while insurers struggle to adapt, external capital is flooding in to start ups aimed at disrupting not only sales and service channels but the entire insurance value proposition. The question for insurance leaders is what they must do to succeed in this challenging environment.