Morning Insights – Digital Trends in Life and Pension
Robot advisor, behavioural pricing, virtual service centre as raised as areas that the industry today is of particular interest. It creates an increasingly vibrant ecosystem around the new technologies of Celent.
The analyst company Celent's senior Insurance analyst Nicolas Michellod described today's views on the digital trends that affect the life and pension industry at our breakfast meeting Morning Insights.
The reason for all this is about the companies' ability to handle data. Central to knowing its customer is collecting and analysing relevant information to deliver a personalised customer experience with relevant offers and services. However, this must be in a balance against customer requirements and privacy, where GDPR ex can put some rods in the wheels for operators who use customer data to access Artificial Intelligence and Machine Learning.
There is no doubt that the technology of digitising customer interactions in the life and insurance industry is available. Digitising customer interactions has already applied in more transaction-intensive areas such as payments.
Challenge to create a digital customer relationship when customer needs are event-driven
The insurance industry is however not transaction-based, much more event-driven. You change employers, get a new family situation, work part-time. That's a more complicated situation than just carrying out a transaction. It is not apparent that the most effective way is to do it only digitally.
According to Celent's presentation, many of the players prioritise continued efficiency and technology renewal through digitisation. The expanded regulatory framework and regulatory compliance requirements for industry actors cause many to digitise parts or entire processes. It does not mean that it is best for the customer, but it has a significant impact on business in the long term.
From a process and batch-oriented business to real-time and data-driven execution
In a world where data is continuously collected and automatically and where pricing processes are executed in a few milliseconds, the type of administrative activities we see today will disappear. Instead, the need for brand new skills are created around how to use the data collected, and customers live situation and how they act on your offers.
Take advantage of Celent's presentation of the digital trends in the life and insurance industry! Download the presentation.
Nicolas Michellod - Senior Insurance Analyst, Celent.
Presented major digital trends in the insurance industry from Celents point of view.