Report Summary
In the fifth of a series of reports, commissioned by HSBC, we look at the ways in which digital adoption is shaping the insurance sector by forging new business models, new commercial partnerships and different consumer relationships, and by providing new potential revenue streams.
The report also explores to what extent insurers around the world are using digital technologies, including social, mobile, analytics and cloud (SMAC), particularly the deluge of data unleashed by the digital watershed.
Insurers which succeed in embracing digital will probably do so because they want to promote truly customer-centric products and services fit for the modern, connected world, not just because they have the technical proficiency or "first-mover" advantage.
"Digital technology is the single global megatrend with more scope than any other to revolutionise how insurance businesses operate."
-Matt Cullen, assistant director, head of strategy, Association of British Insurers