The race to the future of Insurance is well underway…Digital Insurance 2.0. It is a race where innovative participants or entrants are constantly challenging traditional incumbents; where survival and winning will require rapid adaptability and innovation.
Players across the entire range of insurance industry segments are being confronted with permanent changes in customer behaviour, different employee expectations, rapidly evolving digital technology and a quickening renaissance of the business environment. Our research shows that customers seek “ease in doing business” across the research, purchase and service aspects of insurance, while also seeking a personalised customer journey and offerings that use new sources of data, making it a relevant and engaging experience to them.
Innovative participants and new entrants are rewriting the rules of business, and with it, redesigning organisational and business model structures, and how products and services are defined and delivered. They are using digital technology and data and analytics to better understand, underwrite and service their customers with tailored products and services.
If an insurer hasn’t yet wrestled with the necessity for change, now is the time to wake up and understand the factors, and swiftly take action. Opportunities abound for incumbent insurers who move quickly and decisively to Digital Insurance 2.0. But those who do not act, or who take a “wait and see view” will likely find themselves challenged to remain competitive and relevant.
Based on input from Majesco’s Future Trends report, this whitepaper focuses on the opportunities, challenges and threats presented by the rise of Digital Insurance 2.0 and how insurers can catalyse the shift to this new business model.