Our lives are becoming increasingly digital. The exponential growth rates in online retailing and mobile banking are a clear sign that customers are enthusiastic about digital offerings. Now they also expect a high level of digitization, better customer experience, and simpler products from their insurer.
A look at the topic of insurance makes it clear that only those insurance companies that embrace digitization and can thus meet customer needs better than the competition will thrive. Technological progress offers the insurance industry great opportunities to become more efficient and to focus on individual, tailored products. At the same time, the digital transformation creates hurdles in the digitization of insurance offerings and processes.
The world of insurers is changing, with 78% of Germans wanting to interact digitally with their insurer.
As a result, start-ups that can combine their know-how about insurance products with innovative technical solutions are taking a significant place in the insurance world. The number of so-called InsurTechs continues to grow, with global investments in such companies now exceeding USD 10 billion. In addition, multinational technology groups such as Google, Apple, Facebook, Amazon and Microsoft are challenging the insurance industry by becoming providers themselves.
Whitepaper provides answers
In our whitepaper Digitization in the insurance industry, we answer various questions about the topic. Here is a small selection:
- Are current trends leading to changing customer expectations?
- How do InsurTechs and BigTechs threaten traditional insurers?
- What paths should traditional insurers take in the future to build greater digital competence and master the challenges of the digital age?
Order the entire whitepaper free of charge here.
The whitepaper is in German.