Like many other industries, transformation in the insurance sector is being driven by the impact of technology. While the importance of growth, opportunities to scale and diversifying from the competition will always remain key objectives, the methods of delivery are changing. Technology partnerships that provide insurers with opportunities to leverage data, business resources and digital tech are going to be crucial to the way that the sector evolves. Combined with a more customer-centric focus and the opportunity to develop a broad spectrum of new products and services we are going to see digital platforms and formats define the future of insurance, as well as providing the means to evolve to get there.
A tech-driven insurance sector
Innovation has become a key factor in future success for the insurance industry. Traditionally not one of the most-forward thinking sectors, in recent times insurtech in particular has transformed this, sweeping out old mindsets and revealing the transformational capacity of tech integration in the insurance world. There are three key areas where this is having the most significant impact: automation, connectivity and ensuring an end-to-end customer experience. The combination of tech and data is going to continue to create more opportunities to assess risks and estimate premiums, achieving a balance between policyholder potential claims and profitability. We are also going to see an increasing number of collaborations and partnerships between insurers and those in other sectors, such as retail - combining insurance and purchase onboarding journeys into one single experience. Plus, technology is driving the shift from product focus to consumer-centric experiences. The goal of achieving a single customer journey is enabled by digitising and unifying both back-end and customer-facing functions.
A more personalised customer experience
Personalisation holds the key to ensuring that customer needs are met while the business also achieves goals on profitability and growth. We are already seeing a shift to ensure that every step on the customer journey is being personalised to meet - or exceed - expectations. The volume of data that insurers now have on customers is making it much easier to switch to a one-to-one approach.
No code development models
The insurance of the future - one that successfully delivers personalised customer experiences - is going to be underpinned by no code development models. These platforms transfer the power to develop a new range of digital tools and apps to citizen developers who can use it to create unique and powerful digital customer journeys. This model has a number of key benefits that are going to be crucial to defining the future of insurance, including:
- Taking agility to the next level. Processes can be continuously optimised and speeded up to create a new level of agility when it comes to reaching consumers and getting products to market.
- Development costs for more personalised customer journeys can be considerably reduced.
- Data errors can be minimised and integrity maintained by replacing manual processes with digital options. Back office data processing costs can be cut with no code tools and with data flowing freely through the businesses customers can complete any process in real time.
The future of insurance looks personalised and tech-driven - and no code development models are likely to be the fastest way to get there.