Our range of services for insurance carriers

 

Digitalization puts the currently established distribution models of the insurance industry under pressure: According to a recent study, the European market for digital car insurance alone is estimated to be at 15 billion Euros by 2020 (Deloitte European Motor Insurance Study 2016).

In comparison to the shift to online channels, distribution structures are predominantly traditional. This is countered by a massive change in customer behavior: today’s customer informs himself about insurance products of interest before a personal consultation. Information is now available always and everywhere and this has rendered business hours irrelevant. Online price comparisons make offers more transparent to customers and crumble the bonds of customers to a particular insurer. Even if many customers still currently desire personal consultations, it is key for suppliers to define their sales and consulting processes in a new way.

In the meantime, online contracts have also been introduced so that prospective buyers can always request quotations or even underwrite online.

Insurers are challenged to create new digital offers in order to convince and acquire new customers and to retain the old ones. Innovative products that exceed solitary risk coverage are in demand. For this, factors such as big data and the capturing and interpretation of behavioral data play a meaningful role.

Insurance carriers who decide to expand beyond their core businesses in insurance and claims management and move towards the role as a service provider will have an edge in the market in the future.

For this, factors such as big data and the capturing and interpretation of behavioral data play a meaningful role.

Insurance carriers who decide to expand beyond their core businesses in insurance and claims management and move towards the role as a service provider will have an edge in the market in the future.

 

The Financial Services Accelerator (FSA) empowers financial institutions to speed-up their digital transformation and compete in the omni-channel world. It provides a streamlined, seamless and personalized customer experience while meeting the unique needs of the insurance and financial services industry.

 

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