Need to catch up in terms of digitisation & customer orientationA study of the University of St. Gallen
In 2015, the University of St. Gallen published the study ‘Assekuranz 2025: Quo Vadis?', which lists, among other things, the hot topics and their statuses among insurance companies. Digitisation and a customer focus were the key topics – but they were also the ones which required the most catching-up.
Relevance: The higher the rating, the more important the challenge
Positioning: The higher, the better equipped the insurance company is for the challenge
In 2019, the situation hasn’t changed: Digitisation and a customer focus are still at the top of the agenda – and there’s still plenty of work to do! According to a recent study by Lukas Urech & Dr Akup Nastik, the needs of digitally savvy customers are better understood, but still not properly implemented by most insurance companies.
'Digitise or die' – KPMG puts it in a nutshell with the #1 trend in '10 Insurtech Trends 2019': Digitisation (particularly when it comes to customer relationships) must be advanced further by insurance companies. Otherwise, they will be replaced by agile and customer-focused digital insurance platforms – much like in other industries. This isn’t really a new discovery, but it’s certainly topical.
Digitisation is not a project but rather a basic approach whereby the iterative development must be promoted consistently and with great vehemence. The starting point for this is always the customer, as they are what shapes the market. It is astonishing (or perhaps not) that insurance companies seem to have forgotten all about their customers on their route to industrialisation. They still have a lot of catching up to do.
PS: It’s delightful to see that the champions in the digitisation ranking of the aforementioned study all count on Airlock when it comes to secure, digital interfaces to customers. Advantages such as time-to-market, great user experience, cost efficiency and security for sensitive data speak for themselves.
Learn more about Airlock's IT security solutions for insurance companies