Post on 20-Jan-2017
BUILDING THE DIGITAL INSURER3 Priorities Insurers Must Tackle with Speed
Digital is fundamentally changing the face of insurance. Opportunities and threats abound; yet, the vast majority of the value remains untapped. To become a digital insurer, IT leaders must
focus on helping their organizations tackle these three key priorities with unprecedented speed.
think insurance products should be more tailored to changing customer behavior4
expected annual growth of digital interactions with financial services firms through 2020 (IDC)
of expenses locked up in an insurer’s top 20 to 30 core end-to-end processes6
believe their future success hinges upon their ability to innovate faster than competitors2
minimum improvement in overall expense ratio through rapid process digitization6
reported more than 15% in cost savings from automating processes in the past 2 years1
only 1 in 10 insurers has aligned its digital strategy to maximize e�ectiveness across the full decision journey6
80%
more than
80%just
32%
say insurers are too slow at bringing new products to market4
76%
IT 93%
MARKETING 93%
SALES 89%
E-COMMERCE 89%
BUSINESS OPERATIONS 87%
Product Development Delivering rapid core and adjacent product innovation
YET
YET
PRODUCTDEVELOPMENT
CUSTOMEREXPERIENCE
OPERATIONALEFFICIENCY
average time from idea to launch (RGA)5
6-9 months
Customer ExperienceBuilding a multi-channel, customer-centric journey
Operational E�ciencyAutomating back-end business processes to lower costs
INSURANCE functions MOSTimpacted by digital in the next year7:
SPEED IS CRITICAL but insurersare STRUGGLING to keep pace
46%
35% 15%40%
1-4 points
How to Deliver New Products Like an InsurTechJoin us for our #Insurtech Webinar with Celent Analyst Craig Beattie.
Tuesday, November 1, 2016 | 4:30pm CET, 3:30pm GMT, 10:30am EST
Register today at mendix.com/insurtechwebinar
consider their organization a first mover when it comes to innovation2
YET
1 Accenture, “People First: The Primacy of People in the Age of Digital Insurance” 2 KPMG, “A New World of Opportunity: The insurance innovation imperative” 3 Celent, “Innovation in Financial Services: Accelerating Insurance Transformation” 4 Target
Group, “The Four D’s of Insurance” 5 RGA, “Life Insurance Product Development Innovation and Optimization” 6 McKinsey, “The Making of a Digital Insurer: The Path to Enhanced Profitability, Lower Costs and Stronger Customer Loyalty” 7 Russell Reynolds
Associates, “Productive Disruptors Study”