Respondents to our recent survey exploring the new standard in insurance were asked what they thought the most likely profitable growth driver for an insurance business was.
Process automation and efficiencies was the most popular answer (28.7%), but only by a slim margin, with only slightly fewer (26.7%) feeling that offering more relevant types of insurance products and coverages would be the most likely profitable growth driver for an insurance business going forwards, followed closely by reimagined customer experiences.
Ultimately, a consensus emerged that growth will be driven by a combination of risk mitigation, more relevant and targeted insurance products, and increasing automation and efficiency of processes – combined with good customer experience.
The results of this survey reveal specific symptoms of the existing status quo or “old standard” within the insurance industry. These include slow product development, rigid and inflexible systems, and a limited ability to deliver customer-centric experiences.
To overcome these challenges, the insurance industry must embrace the principles that define the new standard and learn from the insurers who are leading the way in creating it.
This includes running evergreen technologies – deploying up-to-date, flexible software solutions that adapt to ever-changing requirements.
Download the full white paper – The New Standard in Insurance – why do we need it and what should it look like?