Insurance executives are focused on three major priorities: profitability during a period of low interest rates, customer engagement in a highly competitive, low-growth environment, and when - and by how much - their business model will be disrupted, particularly by digital. Customer issues are critical, starting with finding customers that fit the company’s underwriting and risk profile. This usually means making good use of data to make the best, most accurate risk forecasts.
Insurers must also deliver on higher customer expectations, in part because financial services companies have set a new standard for speed, responsiveness and choice. Customers now expect both individual attention and better products and services from their insurance company. They also expect their company to be price-competitive, which means insurers must operate more efficiently.
Based on research conducted by EXL, this whitepaper focuses on how the insurance industry can leverage Digital Intelligence to bridge the gap between digital expectations and outcomes in order to address three key priorities.