UK insurers are all aware that they need to prepare for the future, taking a digital-centric approach and meeting shifting customer demands. However, less than less than 25% of insurers feel well prepared to meet the needs of future insurance customers in 2030. To prepare for this future, insurance companies must first know what the industry will look like in the coming years.
That’s why EXL and Post conducted a joint survey into how insurance leaders believe the business will change by 2030, and how companies can begin adjusting to that future reality today. Based on our findings, there are several areas savvy insurers are exploring to future proof their businesses.
In this article, EXL’s head of UK and Europe and SVP Insurance, Nigel Edwards explains how smarter insurers will adopt personalisation and a frictionless purchasing and servicing experience to win out.
Topics covered include:
• From insuring events and objects to insuring individuals.
• From an annual cover to paying for what you use.
• Rewarding good behaviour.
• Making use of data – safely.
• Updating the operating model.
• Preparing for tomorrow, today.