Last month, Capgemini, release the third edition of its World InsurTech Report, which was launched back in 2018. The 2020 report, built in collaboration with Efma, explores the changing business dynamics of the insurance industry – from the global pandemic underscoring the need for business resilience to BigTechs setting new standards for customer experience. The report highlights the need for insurers to adopt a new mindset and collaborate with ecosystem partners to innovate and build new capabilities that meet the digital needs of customers.
“Insurers across the globe will go into the upcoming strategic planning cycle faced with prioritization decisions that force them to weigh trade-offs among time, profits, autonomy and differentiation. Nobody said it was going to be easy. The 2020 clarion call tells us that successful participants in the new insurance marketplace will open their minds and cultures to fresh thinking as they leverage scalable platforms to prepare for the unexpected,” underline Anirban Bose (Financial Services Strategic Business Unit CEO & Group Executive Board Member, Capgemini) and John Berry (CEO, Efma).
COVID-19 is significantly affecting insurance industry customer engagement KPIs, as BigTechs define the CX north star.
- A high-impact black swan event, the pandemic is forcing insurers to assess customer engagement performance metrics.
- BigTechs are earning even more customer trust by offering resilient processes, real-time crisis response, intuitive customer care, and digital experience (DX) with WOW-factor appeal.
Industry players are upping their game, venturing into under-explorer territories, and closely collaborating at scale.
- As incumbents fast-track their digitalization efforts, they are seeking support from InsurTechs, which translates into sudden demand and the need to scale up.
- BigTechs and other non-traditional players are making their presence felt in the insurance industry. More than 60% of the insurers and InsurTechs interviewed said they are interested in working with BigTechs firms.
- Boundaries between incumbent insurers, InsurTechs, BigTechs and tech partners are blurring as industry players explore new territories.
At last, insurance ecosystem participants are working hand in hand to improve the capabilities necessary to meet rapidly evolving customer expectations.
- Inventive Insurer competencies will help the industry become more effective across high-impact focus areas such as crisis-proofing processes and enhancing DX.
- Strategic capability development beings through a lens in which time, money, autonomy, and differentiation trade-offs are weighted.
- For insurers to remain relevant and to establish frontrunner impact, new competencies are essential as innovative digital products and data-driven hyper-personalization take center stage.
With the ever-changing insurance marketplace of the future, successful participants will be those with an innovative mindset (and scalable platform) – able to react nimbly by keeping ahead of trends and preparing for the unexpected.
Read the report HERE.
Publié le 26 octobre 2020