The insurance industry has operated under traditional business models for a long time but is currently facing tremendous technological advancements on a global scale.
A rapidly changing world of technology has seen various social and business trends met with digital solutions in innovative platforms. These platforms have made it possible for traditional insurers to reinvent themselves and new businesses to operate smoothly.
We will identify the most current market trends in the insurance industry and how technological and software solutions drive change and create opportunities on a global scale.
Digital Solutions Revolution
Technological advancements in the current 4th industrial revolution are breaking through physical, digital and biological barriers, creating a radical shift in people’s way of life.
Following 2020, with the COVID-19 pandemic, there has been an even greater reliance on technology and working online in people’s lives. As a result, businesses have had to adapt to the innovation age of mobile and data as the hottest commodities. The global insurance industry is no different!
Due to the long term nature of contracts, the insurance industry is typically slower moving than other industries. Nonetheless, digital solutions are reframing models - previously clear and linear industry value chains need to become multidimensional cross-industry ecosystems. Technological and software platforms have emerged to give the insurance industry access to these ecosystem components practically and simplified. Availability of increasingly specialised software platforms – from distribution to claims – mean that companies need to embrace an ecosystem approach.
These platforms find new ways to track, control and measure risks, engage with customers and improve productivity.
The Modern Insurance Customer
The life insurance industry is behind other industries when it comes to reaching a digital customer audience. This falling behind is because of a lack of customer touchpoints and tech advancements. Digital solution platforms have switched the focus to customer’s needs and are improving transparency and engagement between insurers and insureds. The new-age customer expects ease of engagement, multi-platform accessibility, individualised offerings, instant gratification and absolute transparency.
The Most Valuable Global Commodity: Data
Collecting customer data has played a pivotal role in the digital transformation of the insurance industry. Insurers can use data shared by customers for several business improvements such as accuracy of risk assessments, the power to impact policy pricing, and the ability to understand clients’ needs. In addition, data-analysing software assists insurers in deciding rates and preventing losses.
One of Comotion’s customers – Elevate Life – is moving to revolutionise how insurance is sold by leveraging other healthcare data sources on an opt-in basis from the client. They have focussed on integrating different data sources with customer and intermediary journeys to offer a step-change in experience from what incumbents can offer.
We expect to see more of these start-ups challenge the industry to be more customer-centric in their technology approach.
Furthermore, we have witnessed an uptick in demand for Comotion’s Dash platform from insurers who want to understand their customer base in more detail.
Global Insurance Industry Management Platforms
New technologies have lead given insurance businesses access to customisable solutions from which they can launch a new business. One example of this technology is Comotion's fleet of Como life modules. These modules essentially allow insurers to develop 'plug and play' functionality into their business operations to suit their specific needs.
This module approach has reinvented operations in the insurance industry, allowing business owners and managers an efficient and cost-effective management system. In addition, these tools analyse market potential, enable customised services and keep insurance companies a step ahead!
To conclude, technological solutions have completely transformed and improved how the global insurance industry operates, analyses data, calculates risks, and engages with customers. Digital components such as Comotion’s Como life modules have enabled insurers to reinvent their companies and assisted new insurance start-ups. Thus it is no doubt that the digital solutions introduced have successfully kept up with the tech-savvy trends.
Contact Comotion today to take your insurance company to the next level and ensure you stay on top of the growing digital trends!