Reuters Events recently surveyed hundreds of senior insurance executives across multiple lines of business and from around the world. What we found not only shows what 2020 really represented for the insurance industry, but what 2021 and beyond will bring.
With so many transformation plans changing as a result of unprecedented disruption, it has never been more important to track exactly where the industry is headed in order to remain competitive. Knowing where is best to invest resources and people power will be critical as digitalization efforts accelerate.
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The New Customer-Carrier Dynamic
The biggest driver of change was almost certainly necessity. From the greater need to work from home to needing remote damage assessment, but the biggest change was with the customer. At a time when being “customer-facing” in the traditional sense is almost impossible, customers made their demand for digital platforms loud and clear.
It’s no surprise then that 74% of insurance executives expect their technology budgets to increase in the next 12 months, with over a quarter stating that their budget will increase “substantially”. Of the technologies that were top priorities for investment, the top 3 were:
- Advanced Analytics
- Digital Portals
- AI & Machine Learning
The biggest takeaway here is not merely that insurers are responding to customer needs. After all, that’s really what insurers have always done. Rather, this represents a fundamental shift in the way both customers and insurers think about the insurance experience.
Check out the full survey infographic to get the latest data on the new priorities for the insurance industry, including:
- Use of technology: With so many new technologies available, and with so many more potential partners for each one, it has never been more important to understand where the industry is prioritizing investment
- Customer satisfaction: It’s abundantly clear that customer needs and expectations are driving innovation across the value chain and knowing how to measure, understand and act on customer input is vital
- Change management: From navigating a new working world to new capabilities for your workforce, the right change management strategies and processes are crucial to operating at your very best
- Underwriting innovation: Discover how underwriting is changing to meet an age of continuous disruption with new capabilities
And much more…
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Global Project Director