Customer needs are constantly evolving, and it has never been more important for re/insurers to be innovative in how they engage with clients and customers.
Lockdown has accelerated the need to embrace digital solutions, which has brought greater speed and efficiency to the re/insurance process, according to Karen Stanford, operations and transformation lead at London-based professional services firm GreenKite Associates.
“Now is the time to start accelerating digital strategies,” Stanford said.
“Consider companies such as Whitespace and PPL—since lockdown, adoption of their platforms has accelerated rapidly, and other startups, such as Riskbook, are also getting a lot of traction at the moment.
“Everyone understands the need to implement effective digital strategies, but one of the challenges is whether re/insurers can quickly adapt their business and operational models and their change programmes to take advantage of the situation.”
Another challenge faced by the industry is the relationship between companies and their IT teams.
“We’re in an environment where we still have diversity in business leaders: some embrace technology, but some find technology challenging,” said Stanford.
“The sophistication of the relationship between the business and the IT team varies from organisation to organisation—those with IT and digital departments who support business leaders to understand what is possible and act as true enablers of the business to help it drive forward to achieve technology change will thrive in this environment.”
GreenKite Associates, COVID-19, Insurance, Reinsurance, Karen Stanford, UK