The insurance industry is facing ever greater competition as new market entrants and competitors from other sectors emerge as disruptive threats and challenge traditional ways of doing business. At the same time, customers are altering the way in which they buy insurance, opting to purchase cover built on digitally-based ‘quote and buy’ services that don’t reward loyalty. In addition, figures from EY reveal the insurance market is performing below GDP growth in developed EMEIA countries, highlighting an untapped potential. Insurance companies are adapting to this changing market landscape and adopting techniques such as data-driven analytics, automation and personalisation to drive opportunities and put customers at the heart of their activities.

 Traditionally, the insurance industry has taken a product-centric approach to business. But this model is becoming outdated as customers expect an offering that’s tailored, frictionless and transparent. The emergence of service-based solutions, which use digital technologies to improve underwriting and pricing as well as to personalise product bundles, is putting customers at the heart of the business. This model, which focuses on delivering a holistic and personalised approach that offers a superior experience, has the potential to speed up and simplify processes as well as provide customers with access to bespoke insurance services that they trust. It can also play a role in supporting the development of cross-industry ecosystems where insurance is bundled with other products and services, such as buying high-end cars and technology or purchasing a skiing trip.

This webinar – hosted by the Financial Times in partnership with Infosys – explored the changing commercial landscape in which insurance firms now operate. It looked at what steps they can take to meet the greater demands and expectations that customers now have and examine how digital technology can support these aims. The discussion  also considered innovative ways to boost competitiveness, such as through the creation of cross-industry strategies.

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