A recent study by Deloitte took a look at the trends defining insurance in 2020. While the study was exclusive to the EMEA region, as an industry, we can agree that the leading report insight — consumers are the disruptive force in the insurance industry — is true across the insurance landscape, regardless of location.
Deloitte expanded on this key finding stating, “In an age of immediacy, constant change and overwhelming choice where loyalty is no longer a given, the industry has to extend beyond its core products and services if it is to retain its customer base.”
Traditional insurers struggle to move away from legacy operating models toward the modernized digital systems required to serve today’s consumers. Expecting them to then add in additional products and services is quite an ask. Yet, it doesn’t have to be a challenge. Incumbent insurers have a rare opportunity to merge the old with the new and better prepare themselves to move into the future by partnering with insurtechs to create customer-centric experiences driven by the latest technology.
A long-lasting partnership is required to be truly successful as this isn’t a one-and-done project. While insurance carriers make strides to catch up to current needs, new demands are continuously added, new technology is continuously developed, and greater efficiencies are waiting to be gained.
Providing seamless digital experiences that meet the “right here, right now” mentality of consumers at every touchpoint will always be the primary goal for insurers as their customers are their most valuable asset — once again proving that consumers are, and will continue to be, the most disruptive force in the insurance industry. The key to success for any carrier is working with an insurtech partner that supports each stage of the insurance lifecycle enabling you to be prepared for, and even proactively address and exceed evolving customer expectations.