A period of digital Darwinism will favour insurers able to adapt

A process of so-called digital Darwinism is taking place in the insurance industry in relation to the way it leverages technology – and it will not be the strongest or smartest that survive and prosper but those best able to adapt.

That was one of the key findings of a panel discussion called Customer Engagement and Retention at the Intelligent InsurTECH Europe conference, which took place in London today (November 16, 2016), under Chatham House rules.

The panel of experts, chaired by Matt Cullen, head of strategy at the Association of British Insurers and which included a panel of senior executives from Swiss Re, Hiscox, Standard Life and MyDrive (part of Generali) agreed that adaptability will become one of the single most important attributes in insurers that will thrive.

The panelists also discussed how the insurance industry must continue to evolve and adapt in an environment that is changing faster than most companies can – both in terms of technological advances and consumer habits.

They also said that in the process of engaging with customers, insurers must also recognise that it is not a case of one size fits all and it is important that as they embrace technological developments, they must also ensure other customers, less willing to embrace technology do not get left behind.

They said the best way to ensure this is to change the way they measure success, and put customer satisfaction at the heart of what they do. The best way of measuring this, is simply by asking the customer, they said.