Nine reasons insurers who invest in insurtech will always win
Insurtech has been transforming the insurance game for more than a decade.
It’s time for the rest of the players to take stock of their pace and either concede defeat or step up to the plate.
While this may sound drastic, the last two years have seen companies put the proverbial foot on the accelerator in terms of their digital agendas. Where transformation may otherwise have been a gradual process, COVID-19 has made it nothing short of a priority. According to KPMG, it was actually the digital nudge many insurers so sorely needed.
When it came to the influence coronavirus has had on chasing automation, no less than 85% of insurance company CEOs admitted to it having fast-tracked the digitalisation of their operations and processes, while 78% said it’s supercharged their move towards a more seamless experience for their users.
Needless to say, while the front runners are forging ahead, the race isn’t over. Here are nine reasons to support your business case for investing in digital as a priority.
1. Better self-service capabilities
Customers are more demanding!
They don’t want to waste time
navigating IVR. They want
an instant resolution
2. Full visibility of impacts and results
Intuitive technology, on the other
hand, can generate a wealth
of data around your
business processes.
3. A more rapid response
It’s also just as valuable for you as
it is for your customers, they
gain faster processing and
you can respond faster
4. Far-reaching progress
The benefits of digital transformation
extend far beyond your processes,
for example by moving to the
cloud and plugging into
specialist third-partys
5. Enhanced network security
Insurers who embrace a digital
evolution benefit from
improved security and a
more resilient network
6. Talent attraction and retention
The continuous implementation of
new innovations will boost
your company’s profile
in the job market
7. Higher investment appeal
Listed insurance companies with
fully digital cloud technology
get much higher multiples
than traditional insurers.
8. Timely tech adoption
By delaying adoption, you risk
falling behind the point
where you can catch
back up
9. Cost reduction
Modern technology is at least
ten times more productive
than old technology
It goes without saying that there’s an increasing rate of digital transformation within the insurance industry. But for the same reason you don’t bring a knife to a gunfight, the only way you’re going to go into battle with a tech savvy insurer and come out unscathed is to become a tech savvy insurer yourself. If a competitor has more adaptable and progressive technology, they’ll always have an edge.
You see, as more and more companies adopt new technology, the disparity between digital and analogue players widens, reaching the point where it becomes too late to a make a move. Here’s where having the right insurtech partner by your side can keep you leading the pack in the insurance game.
Whether you’re looking for an innovative platform to support business growth, you’re over capacity and need to outsource a project, or you’re in a jam and need a rapid solution, Axe is ready to support you.