The acceleration of modern insurance
Insurance companies are using advancements in technology and data to meet the increasing demands of new generational needs. Those willing to plan and execute go-to-market strategies are getting the upper hand on the 55% customer base ready to explore new models - but larger companies are struggling to respond efficiently.
By delaying new company models, industry leaders give way to start-ups and BigTech companies. The need for immediate transformation is critical, as recent polling found less than 26% of Generation Y customers reported a positive experience with their insurer.
To challenge the new market competition, insurtechs and traditional insurers can employ data sources to create memorable customer experiences. By using measures oriented around personalization, insurance companies can close the customer gap and create a connected environment between both customers and partners. The result is an efficient flow of knowledge and co-operation – creating competitive value within a highly developed market.
- Consumers are beginning to value insurance products delivered by BigTech firms and straying away from traditional insurance providers who do not provide innovative platforms
- The massive amount of information within the insurance industry makes for excellent communication but challenging transformation
- Insurance companies need to transform traditional models and utilize new technology to address customer experience, communication, and developing risks
- AI and large insurtech investments are rapidly changing the market, creating a large adaptation curve for companies who fail to respond
Through the creation of dashboards data can be leveraged further increasing transparency
Diversify to hedge risks
Strategically diversify company innovation across all business channels to prevent insurance gaps and retain loyal customers
Adapt to customer needs
Personalize insurance products around current consumer input through data collection and analysis
Innovate for future
Younger generations are expressing a desire to try new products, breaking new ground for companies willing to implement changes
We help insurance leaders worldwide by providing data-based solutions. Our thorough industry knowledge and research capabilities enable our insurance clientele to reduce cost, improve relevance, and foster creative ideas. By implementing state-of-the-art digital measures, we aim to give our insurance clientele the necessary foresight to become industry pioneers.
Our international team has assisted >600 realized projects in digital strategy, digital operational excellence, data science, and transaction advisory services. With a team that speaks over 20 languages, and a 50% female-male ratio, we ensure both effective communication and representation throughout the advisory process.