Nine reasons insurers who invest in insurtech will always win in a competitive market
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
2. Full visibility of impacts and results
3. A more rapid response
4. Far-reaching progress
5. Enhanced network security
6. Talent attraction and retention
7. Higher investment appeal
8. Timely tech adoption
9. Cost reduction
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.