Research included in a new report, entitled How well is the life insurance industry keeping pace with rapidly changing technology?, found the percentage of firms utilises these solutions will increase to 82%, from 65% three years ago.
The study claimed that a consumer centric approach was now at the heart of insurance business models. It said: “Whether from a technology background or focused on marketing or R&D in the words of Legal and General: ‘becoming customer centric is no longer a nice-to-have, but a must-have. ... Insurers must therefore have ... the ability to deliver value (not just products) to customers directly; regardless if the customer is a person, family or firm’.”
The research also found that more than two thirds (69%) of insurers now have a digital strategy extending beyond their website - although, only 37% say their digital initiatives are fully aligned to their company’s strategic objectives.
Almost half (47%) also claim that developing innovative propositions to meet changing customer preferences is their greatest priority for the next two to three years.