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Key Findings
- Insurers are limited in their digital capabilities, for example in terms of digitally processing insurance claims. One of the greatest challenges is integrating the new and essential data analytics tools with existing legacy systems and ensuring the smooth and safe transfer of data between previously siloed departments and business systems.
- A crucial way in which insurance companies are transforming themselves is in their commercial partnerships. Some large insurers have minimised the FinTech (financial technology) disruptor risk by collaborating with FinTech start-ups; partnering with large technology companies; or creating their own innovation labs.
- Insurers have identified big data as one of the most significant developments of the digital age. They are using data from myriad sources and in myriad ways, from personalising marketing messages to more accurately matching risk-premium pricing.
- The Internet of Things (IoT) could transform property and object-based insurance. It presents opportunities for the future of insurance aggregators and highlights the changing face of potential insurance partners. As digital capabilities have enabled real-time marketing to emerge, so could the IoT and wearable technology herald real-time insurance-risk pricing and customer servicing.
