2020 has been a turnaround point for the insurance industry that saw a massive shift to Digital. This led to a revolution in the way of working – smart working, and the relationship with customers – remote operations in real time, which will be also seen throughout the next two years.
Although the vaccine is applied now, the strict protection measures boosted by Covid-19 pandemic situation are still quite high.
Plans and needs for Insurers and customers are following some key trend arose from the Covid-19:
digital maturity across the customer journey, increase of digital contracting for the purchase of insurance coverages, cloud transformation, the ability of the insurers to meet regulatory requirements, with a boost on new fully digital B2C and B2B2C channels.
Additionally, insurance sales network is still growing with innovation in client advisory support. Thus, the “human value” is still having a big role in social interactions for cases of e-commerce experiences.
The new 2021 market and technological trends that are affecting the Insurers, according to RGI view, are:
• key value on ESG management
• focus on skills development
• digital partners supporting the shift to Digital
• investments on innovation
• ecosystems based on open architecture/APIs with third party players
• data integrated with third-party providers and first-party data sources
• operational risks managed by cybersecurity and privacy
• employees’ health and wellbeing to ensure the profitability of a company
To go back to normal fully depends on government measures, the speed of vaccination schemes, corporate travel bans as well as the uncertainty given the rise of the Delta variant of the coronavirus.
RGI believes that to keep leveraging on innovation, the goal is to involve external consultants and tech companies that already have in their value proposition new digital products and innovative business models, complementary to RGI’s value proposition.