TEST: Navigating the Pace of Change in P&C Insurance
How Modern Customer Expectations are Driving Industry Transformation
Seeing people in context
Technology is mature enough today that meaningful change for even complex lines of business is within most insurers’ reach. Despite carriers’ self-perceptions of adequacy, change is still outpacing many of their plans as they fall victim to comparing themselves only to direct competitors rather than focusing on customer-centricity and the technology at their disposal. Barriers to transformation are no longer related to lack of available technology, but rather to lack of ideation and strategic application of technology to solve insurance business problems, such as development of new insurance products, process automation, and personalized customer experiences.
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Customer Expectations: Driving the Pace of Change in P&C Insurance
Compared to other industries, insurance has been slow to adopt new technology for several decades, leaving many carriers in the unenviable position of understanding the value of truly customer-centric organizations yet being unable to meet customer expectations without making transformative changes to their technological foundations and professional cultures. Regardless of lines of business, financial stability, or established reputation, carriers that are unable to keep up with the pace of change within and outside of the insurance industry face an unprecedented challenge keeping up with today’s intensifying customer expectations.
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Customer-Centricity: Insights From Our Blog
- Digital Customer Experience: Designing for Personas
- Customer Experience is the New Customer Retention For P&C Insurers
- Customer Centricity Requires A New Look at Core Systems
- How Digital Customer Experiences Can Improve Your Customer Knowledge
- Customer Experience and Digital Transformation: A Race without End
Case Study: Cerity
Learn how Cerity launched an entirely new company from scratch in minimal time, utilized off-the-shelf SaaS products for the organization’s entire tech stack, and differentiated with a proprietary user interface and industry-leading quoting and policy issuance speed, in this concise case study.
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Blueprints for Success
Give Your Customers The Experience They Expect
Today’s customers expect no less from their online experience with an insurer than they get from ride-sharing companies or online retailers. If those expectations aren’t met, they take their business elsewhere.
Duck Creek’s Digital Engagement solutions are built for the way your customers think and work, giving them the on- and offline experiences we’ve all come to expect.
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The Right Technology Partner Can Help Carriers Outlast Market Challenges
Innovation in technology, the growing use and availability of data, and changing customer expectations are all putting pressure on the insurance industry to transform – and fast. Alongside other forces, like the competition for new talent, product innovation, and regulatory influence, carriers are having to figure out how to navigate a wave of changes, according to Celent’s 2019 Pace of Change report, which was presented at Duck Creek Technologies’ annual Formation meeting.
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Navigating the Pace of Change
External forces are necessitating fundamental changes to the way insurers do business. To measure the industry’s readiness to take on this challenge, Duck Creek Technologies commissioned Celent to survey carriers’ stances on the pace of change in insurance and the drivers causing this transformation. The results reveal that the P&C industry is undergoing only moderate acceleration of change, despite consumers’ expectations of radical improvements. Individual carriers—from regional insurers to multi-line Tier-1 carriers—have largely struggled to keep pace with demands placed on them by the broader marketplace.
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