People are wired to gravitate toward ease of use, and fully connected partner ecosystems are a way insurers can deliver it.
As the industry continues a new digital awakening and adapts to market changes, new customer expectations, and global demands, those insurers willing to adopt a different mindset and leverage the latest technology to accelerate growth will accelerate their growth and position themselves in a new era of market leaders.
Opportunities for alternative growth strategies can be captured from the disruption and change within commercial and specialty insurance. New risks, new markets, new customers, and the demand for new products and services may fill the gaps for those who are prepared.
What is your strategy in response to the digital wildfire changing the terms of insurance customer interaction? What role will you play with your customers? Are you investing in a digital platform that will take you across the entire journey or stop at the first step of portals?
When insurance Leaders realize that they are missing a key component of their strategy, the blank gets filled in quickly.
The burgeoning no code/low code technology space is leading the disruption and shift to the digital era of insurance, but like other buzz words the use of no code/low code platforms has led to confusion.
For those insurers who are already in touch with the program and affinity insurance markets, or those who are considering program and affinity products—can imagination help to meet market opportunities in innovative ways?
COVID-19 has exacerbated many of the challenges that have been driving Leaders, Followers and Laggards further apart. Once the gap begins to grow, it’s tough to reverse momentum and close the gap.
When the process conforms to the person, retailers and insurers alike will be able to relax and know that they are not just capturing the up-and-coming generations, but like Walmart and Amazon, they are giving the best service possible to every generation.
Auto insurers are redefining themselves as mobility companies and in the future will be seeking to own the mobility experience using a vast mobility ecosystem, ideally building those ecosystems around their brands.