Across life, health, and P&C, more than 70 insurance professionals from around the world offered their thoughts and opinion in an online survey conducted by Insurtech Insights — 57 were vice presidents or higher, 50 were from legacy insurers, and 10 from challengers.
Opinions were gathered from 70+ insurance professionals globally:
“The 2020 Insurer Compass” report reveals an enormous sense of urgency around the need to transform. Fully three-quarters agreed that technology is disrupting the industry, and there is unanimous agreement that digital transformation is necessary for insurers to remain competitive.
73 insurance professionals were asked if they agree or disagree with the following statements:
Insurers must undergo digital transformation to remain competitive
New technologies are disrupting the insurance industry
The majority of professionals surveyed understand the industry’s deficiencies and realize the need to transform the customer experience. In fact, improving the customer experience is deemed “essential” by 99% of survey participants.
How would you rate insurers’ ability to provide each of the following?
Omni-channel customer experiences
%
%
Personalised products and experiences
%
%
Most everyone agrees on the need to transform, so why hasn’t the industry moved more quickly? Within established insurers, the most common barrier was identified as “legacy technology.” The next most common: “lack of management buy-in.”
88% of insurance professionals believe that legacy is preventing incumbent insurers from transforming quickly enough
