Building the Digital Insurer

BUILDING THE DIGITAL INSURER 3 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 behavior 4 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 processes 6 believe their future success hinges upon their ability to innovate faster than competitors 2 minimum improvement in overall expense ratio through rapid process digitization 6 reported more than 15% in cost savings from automating processes in the past 2 years 1 only 1 in 10 insurers has aligned its digital strategy to maximize effectiveness across the full decision journey 6 80% more than 80% just 32% say insurers are too slow at bringing new products to market 4 76% IT 93% MARKETING 93% SALES 89% E-COMMERCE 89% BUSINESS OPERATIONS 87% Product Development Delivering rapid core and adjacent product innovation YET YET PRODUCT DEVELOPMENT CUSTOMER EXPERIENCE OPERATIONAL EFFICIENCY average time from idea to launch (RGA)5 6-9 months Customer Experience Building a multi-channel, customer-centric journey Operational Efficiency Automating back-end business processes to lower costs INSURANCE functions MOST impacted by digital in the next year 7 : SPEED IS CRITICAL but insurers are STRUGGLING to keep pace 46% 35% 15% 40% 1-4 points How to Deliver New Products Like an InsurTech Join 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 innovation 2 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”

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Transcript of Building the Digital Insurer

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

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

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”