When looking for an insurance company that has mastered the topic of digitization and customer service, the field of different insurance providers quickly thins out. The survey by IDG Research also confirms this impression.
A key finding of the survey: Customer satisfaction and service are not the focus of insurers. Digitization for the purpose of increasing efficiency, optimizing processes and reducing costs. Better customer understanding is seen as the highest digitization hurdle. Responding to individual customer needs is apparently not one of the sector's strengths - but at least it recognizes this itself.
Below is a brief summary of the key findings of the study on digitization in the insurance sector. You can also download the entire study.
Lack of understanding of customer needs as the biggest hurdle to implementing the digitization strategy
Digitization has a relatively high relevance in the corporate strategy of insurers. However, implementation is held back by a lack of understanding of customer needs.
Opportunities of digitization: focus on greater efficiency and cost reduction
Most companies cite more efficient and optimized processes as well as cost reductions in operations as the biggest benefits of greater digitization. Customer-related benefits such as a better customer experience or the acquisition of new customers are secondary.
Service: Customers want complete digital claims reporting - insurers see themselves well positioned for digital interactions
Insurers are well able to meet their customers' main expectations in the direction of digital claims reporting and contract conclusion online. In the future, they will invest more in a unified customer journey.
Customer-friendly? Around two-thirds of insurers' services and products can be used digitally - but too often via multiple user accounts
Two-thirds of insurers' products and services can currently be viewed or processed digitally. In (too) many companies, however, this requires multiple user accounts. There is also a need to catch up in the digital processes for taking out a policy.
Simple authentication as the most important means for greater user convenience
Simple, strong authentication and a customer platform for all services should improve the user journey.
Conflict: Security as a barrier to user experience
More than two-thirds of companies see security measures as a major barrier to agility and usability. Nevertheless, they consider the integration of security in DevOps to be important.
More flexible: Microservices as a key tool for modernizing legacy applications
The vast majority of companies are still using outdated, monolithic legacy applications. With the help of microservices, they want to modernize them gradually and increase flexibility.
Study on digitalization in the insurance sector 2021
You can read all the study results, further analyses and exciting insights in the detailed version of the study.
You can also read an interview with Roman Hugelsdorfer, Managing Director Application Security at Ergon Informatik AG, on the topic of 'Integrated solutions instead of spot solutions'.