The insurance sector has not been spared from the effect of the COVID-19 pandemic. The impact has been across both life and non-life segments, affecting existing customers and new business as well as revenue and costs. Factors such as customers seeking more digital engagement, adapting to a hybrid/remote working model, demand for flexibility to design the policy, preparing to thwart cyberattacks in the wake of increased digitization, and managing the rising instances of fraudulent claims, are further impacting the industry.
To protect revenue growth as well as margins in the journey ahead, insurance companies must focus on becoming even more customer centric by offering more flexibility in their products and services. While this shift is made difficult by a combination of legacy constraints as well as changing customer needs and expectations, there is need for new digital capabilities to drive personalization and superior customer experience journeys. This whitepaper looks at the challenges that insurance companies face in this transformation journey and how they can potentially be addressed with the right enabling solutions.
In this whitepaper you will discover:
- Customer demands that insurance companies need to respond to
- How digitalization can be leveraged to become more customer centric
- How you can build personalization capabilities quickly and cost-effectively