Digitalization - Turning Opportunity into Competitive Advantage
Kevin Angelini, Head of Strategy and M&A, APAC, Zurich Insurance Company
“Digital” is becoming a top priority for many CEOs and certainly one of the trendiest buzz-words at the moment. According to the Towers Watson Global Insurer Survey (2015), Technology challenges and talent needs are the two top-ranked resource concerns among both Life and P&C companies. Indeed, the evolution of digital technologies has already disrupted many other industries that were unprepared or simply did not see how new technologies and changing consumer behavior would impact their dominant business models.
The thought of billions of devices connected to the internet is a scary one, especially for insurance companies with old legacy systems and data privacy concerns. It is important to think about what areas to focus on first, and not be overwhelmed by numerous devices/initiatives. We explore how the digital revolution can provide multiple opportunities for insurers, namely:
- Increase Sales by Online Fulfillment
- Feed or Enable the Agent distribution Network
- Improve Customer Retention by offering better service
- Reducing claims experience by investing in wearable technology
- Enhance pricing ability by combing internal and external data