Preparing for the new age of insurance and value-added services

The insurance industry is undergoing a customer experience led transformation. Driven by increasing digitalisation and innovation in the market, customers’ ever changing and increasing expectations are generating pressure on insurers to deliver a better customer experience through improved insights.

Compounding this pressure, new digital entrants are challenging traditional insurers to innovate and improve customer-centricity by adopting new technology in order to remain competitive. This fact is reflected in a recent PwC study, which found that 82% of insurance CEOs say that technology will disrupt their sector in the next five years.

In this competitive market, value-added services have emerged as digital ‘pull-platforms’, allowing insurers to offer their customers ancillary services and an improved experience

This article highlights how value-added services can generate new revenue streams and value across the insurance market. The article also looks at how insurers can leverage next-generation data management platforms to achieve a holistic view of their business across a number of areas.