The coronavirus pandemic has changed the world. We now face an economic crisis that may surpass any other we’ve seen. The economy is expected to shrink by 9.5% and unemployment rise from 3.9% to 7.5% in 2020. The insurance industry, whose primary purpose is supporting individuals and businesses through disasters and crises, is learning to adapt.
There is a shift in customers’ perceptions of risk, and there is an emerging, greater need for feeling secure and protected. This provides GI insurers with an opportunity to engage customers across all business lines, change propositions and the way they are communicated and drive up engagement.
In the London Market, the Covid-19 crisis has accelerated the modernisation process and proved that brokers and insurers can embrace digital to transform their organisations and operating models.
Based on input from specialists from the GI and Lloyd’s and London Market sectors, this report focuses on the changing digital transformation landscape and the specific challenges insurers face in terms of improving customer experience and customer engagement.
• The three key business challenges in digital transformation.
• The biggest challenge in improving customer engagement and experience.
• Tackling legacy technology to enable CX and CE transformation.
• Enabling automation to free up people to carry out higher-value activities.
• The top technology challenge right now.