Business environments are changing faster than ever in a digitized world. Industrial insurers have to adopt an agile mindset to recognize and seize new opportunities quickly. This requires prototypes and shorter cycles of assessing the implications – both from a business and a technical point of view. The following articles explore major challenges of the digital insurance business and sketch out possible solutions.
Think and act agile
If one had to sum up the characteristics of a more and more digitized world in one word, “speed” would be a valid candidate – “change” would be another. The consequence: Large, fixed plans, bottom-down hierarchies and only sporadic communication do not work anymore. You have to think and act agile.
Digitize complex products
Reduced costs and faster processes – Digital portfolios are especially relevant for industrial insurer’s operations in the middle market. But what does a digital insurance product consist of? Where can it come into play? And is it really possible to model complex coverages, tariffs and clauses in a flexible way?
Digitized products are the basic requirement for setting up automated processes – from submission and policy production to claims management. By automating repeating tasks, insurers save valuable time and enable their underwriters to focus on more interesting details that matter. Here again, variability is key.
Provide individual offers
By relying on digitalized products and their variants, risk evaluation can be done automatically in large parts. The output of this process is basically an individual offer or policy. But there are other benefits which don’t immediately meet the eye – from more consistent policies to the identification of trends.
Manage digital point-of-sales
The number of digital point-of-sales has skyrocketed for most industrial insurers. More and more web-portals for brokers or for collaborations with insurance portals are taking shape. A major challenge is how to deal with this growing number of digital branches. One answer is the multichannel approach.