Our CEO & Co-founder, Tim Hardcastle, had the pleasure of being a part of the Executive Steering Committee for the World InsurTech Report 2020 by Capgemini and Efma. It explores the changing business dynamics of the insurance industry – from the global pandemic underscoring the need for business resilience, to BigTechs setting new standards for customer experience. The report highlights the need for insurers to adopt a new mindset and collaborate with ecosystem partners to innovate and build new capabilities that meet the digital needs of customers.
An evolving industry landscape requires fresh thinking and a data-driven mindset. Successful participants will be the ones with a new mindset – able to react nimbly to change by staying a few steps ahead of trends and preparing for the unexpected. COVID-19 has accelerated the pace of evolution of business dynamics and poses multiple challenges to industry players.
"During uncertain times, people need relevant, personalised, up-to-date, and coherent experiences from insurers, especially via digital channels. Hyper-personalisation, as well as human-centered design, are fundamental to achieve that." - Tim Hardcastle, CEO & Co-founder, INSTANDA
The capabilities of yesterday are not sufficient to be successful in today’s competitive landscape, and insurance industry players are increasingly collaborating at scale with ecosystem partners to adopt best practices and quickly acquire the required capabilities. Established insurers are confident in their ability to establish crisis-proof processes, and InsurTechs are optimistic about their capability to offer digital experiences. Despite their strengths, none of the industry players have sufficient capabilities to address all of their customers’ needs.
To read more about Capgemini and Efma's findings, download the 2020 World InsurTech Report 2020 here, and continue to scroll down to get a quick overview with this infographic.