An industry report focusing on the 3 key business challenges within GI, Lloyds and the London Market
The Coronavirus pandemic has changed the world. We now face an economic crisis that may surpass any other we’ve seen. The economy is expected to shrink by 9.5% and unemployment rise from 3.9% to 7.5% in 2020. The insurance industry, whose primary purpose is supporting individuals and businesses through disasters and crises, is learning to adapt.
There is a shift in customers perception of risk, and there is an emerging, greater need for feeling secure and protected. This provides GI insurers with an opportunity to engage customers across all business lines, change propositions and the way they are communicated and drive up engagement. This will enviably lead to insurers reassessing their distribution models with a renewed focus on digitising them where possible to drive better customer outcomes and deliver efficiencies.
In the London market, even before the pandemic hit, the industry was grappling with introducing transformational change to modernise outdated processes and systems. A transformation that (leveraging technology) would move insurers away from a transactional business model to a customer model, remove bureaucracy and streamline working practices. The COVID crisis has accelerated that process and proved that London market brokers and insurers can embrace digital to transform their organisations and operating models, there is a new appetite to reimagine and reengineer operations and business models to align with a digital future.
This report, created by the Insurance Network and sponsored by Guidewire, discusses what a post-Covid world looks like in terms of transformation for insurers. Do the same challenges exist, or has our response to the pandemic removed some obstacles that the industry faced pre-Covid-19?
For this report, we polled insurance practitioners from the GI and Lloyd’s and London Market (LM) sectors. We wanted to find out what they felt were the key challenges in digital transformation for their businesses. Survey questions focussed on the challenges insurers faced in improving customer experience (CX) and customer engagement (CE). They also addressed operational agility, innovation and technology. Throughout this report, we have used many of the firsthand comments from the survey respondents to illustrate the changing digital transformation landscape.
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