Over two-thirds of insurers see digital transformation as crucial to survival

With Covid-19 putting stress on a lot of businesses, a survey from dacadoo finds that 68% of insurance executives see digital transformation as crucial for their business survival.

The survey, which is comprised of responses from 300 life and health insurance executives, also found that 86% of executives see implementing an integrated insurance operation as either high or middle in their ranking of strategic initiatives.

Dacadoo collected these responses to understand how insurance executives are reacting to the changes of the pandemic. It also hopes to discover how organisations are changing in the near future and how digitalisation and customer-centricity fits into that.

Some of the other findings of the report are that 81% of insurers agree Covid-19 has increased the importance of health and wellbeing in their product offerings, 60% state they have implemented a digital health engagement platform or are planning to, and 69% said they are launching new services as part of an integrated insurance operation.

dacadoo president and CEO Peter Ohnemus said, “Many insurers have failed to fully grasp the magnitude of the changes that are happening.

“Few of the current operators were founded recently or are operating based on today’s consumer behaviour, and they don’t reflect the expectations of the mobile-first, digital and dynamic generation.”

Ohnemus went on to explain that the insurers that will grow and define the next couple of decades in the industry will be integrated insurance operators that offer a digital ecosystem. This will include health and wellbeing services, which will improve the customer experience and help reduce claims.

“For the insurers, building and leading integrated health and wellbeing digital ecosystems means they will have a unique understanding of a consumer’s life, while the consumer gains relevant health advice and personalised lifestyle navigations.

“Such micro-services and lifestyle-based insurance products will become extremely popular, as long as customer privacy and trust are retained and a good mobile experience is delivered.”

The Switzerland-based InsurTech recently celebrated its tenth anniversary.

Copyright © 2020 FinTech Global

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