Almost half of insurers say they do not have a realistic plan for a digital transition, yet 79% of consumers worldwide plan to use a digital channel for insurance interactions. Meanwhile, a growing number of tech-oriented start-ups and young firms continue to chip away at insurance markets and seize the new opportunities presented.
These disruptors range from Insure The Box, a telematics centred auto insurer in the UK, to Oscar, a health insurer in the US, known for its intuitive website and price transparency. They have tuned in to latent customer demand for digital alternatives. Many of the disruptors also aim to address customers’ frustration with traditional pricing or premium structures.
This benchmarking database is designed to help insurance executives better understand the digital state of the industry and to help guide their digital strategies and execution over the next three to five years.