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Digital interactions change the scene for the life insurers

The Nordic Accident & Health insurance market

Capgemini together with Efma present some interesting facts of how the prerequisites for the life insurance industry is about to change as of today in the World Insurance Report – WIR.

We strongly believe that a good start is to end the slow ping pong and costly risk assessment process. It is time to bring the marketing capabilities of a new business platform and the underwriting configuration capabilities of an expert underwriting engine together. And because technology has moved on, it also provides enhanced features to the traditional designs of expert underwriting engines. Read more.

Featuring data from over 15,000 customers worldwide and nearly 100 insurance executive surveys, the World Insurance Report 2014 from Capgemini and Efma reveals enhancing customer experience has a direct impact on insurers’ profitability. Given the increasing demand of internet and mobile channels in insurance, digital transformation is an effective approach to create positive experiences, secure customer loyalty, and ultimately improve insurers’ profitability.

Report highlights include:

  • Customer experience has a direct impact on insurer profitability
  • Internet-mobile holds a strong potential to move customers to more profitable behaviours. While internet-mobile is the least likely of all the channels to offer a positive experience, it has an outsized impact when it does.
  • Customers having a positive experience via internet-mobile are the most likely, compared to all the other channels, to refer friends. They are also the most likely to buy additional products. These findings indicate internet-mobile holds the greatest potential to move customers toward more profitable behaviour. Insurers with insight into the specific actions necessary to create positive experiences via the internet-mobile channel will be the ones most likely to benefit.
  • Digital transformation coupled with operational excellence is the way forward for insurers aiming to boost both customer experience and bottom line growth.
  • Digital maturity is strongly correlated to profitability and efficiency. Firms with a strong digital presence and customer focus are 26% more profitable than other firms.

As digital interactions steadily increase, insurers now have the web, mobile, and social media as the quintessential business platforms for shaping and evolving customer experiences, and ultimately, their brand and profitability. The World Insurance Report 2014 from Capgemini and Efma assesses the digital capabilities of more than 250 insurers in 14 countries. It identifies where leading best practices exist and the tactical approaches that can turn a digital presence into a differentiating customer experience.