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A TIN and Guidewire collaborative report on the key challenges of transforming general insurance
In late summer 2021, and in advance of a panel discussion on ‘Transforming General Insurance’ held on 23rd September, The Insurance Network (TIN) and Guidewire conducted a survey with TINtech attendees and the wider TIN network to establish the major drivers setting technology strategy in UK General Insurance, and to identify current key challenges in digital transformation.
The panel discussion featured Lindsay Foster, Commercial Strategy and Transformation Director at AXA Partners, Dylan Bourguignon, CEO of SO-SURE, and René Schoenauer, EMEA Product Marketing Director at Guidewire. It was hosted by TIN’s Jeremy Burgess.
This report aims to summarise the findings of the survey and panel discussion, to offer brief comment and analysis, and give you the reader a snapshot of current thinking to enable you to benchmark your current transformation drivers and challenges against those of your peers’.
To start the survey, we asked respondents to choose from a number of technology priorities in 2021, and to rank their answers in terms of importance.
The results show that while ‘leveraging data within the business’ remains a key priority for insurers, ‘enabling automation’ and ‘modernising multiple legacy systems and software’ are gaining importance. The discussion indicated that the main reason leveraging data remains the top priority is customer experience. Our panel all agreed that the enforced focus on digital channels due to Covid, and in the context of the rich experiences that companies such as Google, Amazon, and Facebook routinely deliver, customer expectations are escalating at an ever-accelerating pace. As Lindsay Foster explained, customers now want all of their services “fast, simple and relevant to them”, and they will understandably compare the service they get from their insurer with those experiences.
The sole focus of these tech and social media giants is integrating and leveraging a plethora of customer data across (and in some cases between) platforms, to enable actionable (and ultimately profitable) customer insights. While both established insurers and new entrants may share the same vision of capturing this digitally savvy generation of customers, by not investing in and operationalising their rich data sources, major insurers risk losing out to new entrants unencumbered by legacy technology. New entrants have the ability to architect propositions and create data models specifically to meet the needs of this new engagement-hungry generation.
This tension between start up and incumbent, their business models, but also their perspectives and way of thinking, was evident in the discussion. The question is, can major insurers compete with these nimble newcomers and protect their market share without breaking the bank?...
To continue reading click here to download the full PDF report.