The insurance sector is experiencing a significant shift, where technology is playing a critical role in implementing new solutions for agents and improved digital customer experiences for policyholders. Insurance companies are increasingly adopting new technologies such as artificial intelligence (AI), chatbots, and automation to streamline their operations and better understand the needs and preferences of their customers to offer them personalised products and services.
Technology and digital transformation have disrupted the insurance sector, and now it is up to insurers and their partners to be able to find the best ways to meet the changing expectations of customers and remain competitive in the market. Now more than ever, it has become utterly important to stay on top of emerging trends – both in the sector and in technology. This year, the insurance and the IT industries will keep collaborating to develop innovative, targeted solutions and address any new requirement or opportunity that may arise.
Capgemini, a leading consulting and technology services firm, has recently released a new research titled “Top Trends in Financial Services 2023“. The report presents an overview of the most significant trends shaping the industry over the next few years, from the growing use of AI to the increasing importance of sustainability and ESG investing.
Thanks to valuable insights and analysis on emerging technologies, as well as customer behaviour and regulatory changes, the report describes the factors that will impact the financial services landscape – giving some tools and suggestions on how to navigate them.
Below are some key points we highlight from the report:
• The pandemic has raised global risk awareness, leading insurers to offer more customised solutions and to focus on improving customers’ financial well-being
• In 2023, the life insurance industry will continue to reinvent itself to remain relevant in the face of current geopolitical and financial challenges. To achieve this goal, life insurers will have to prioritise system modernisation and digital transformation, with the aim of enhancing customer experience. Furthermore, investment in intelligent automation, omnichannel distribution, and cloud solutions is expected to persist
• To navigate the current macroeconomic volatility, P&C insurers will have to prioritise digital transformation initiatives in a strategic manner to enhance their capabilities. To do this, they will need to focus further on customer centricity, prioritising agile product innovation
• Insurers are starting to redesign their products to allow coverage for uninsured segments. Personalised insurance policies based on the type of work, usage-based insurance, and personal mobility policies will be among the offerings that, thanks to the convergence of technology and data, will help attract new customers through more accessible, convenient, and affordable insurance options
• To establish a resilient and future-ready enterprise, incorporating sustainability into corporate strategy and investing in advanced digital capabilities will be key
In the scenario outlined by Capgemini, we believe it is important to focus on one of the most important and distinctive assets we have as a company – our competence and expertise. Highly acknowledged by our customers, these features are one of the most critical resources we have to develop and drive innovation and adapt to the ever-changing scenario and the new technology trends.
From an internal point of view, in a highly competitive and rapidly evolving field such as the IT and financial services sector, the ability to adapt and learn new skills is essential. Developing and constantly upscaling our competence in areas such as programming, software development, and data analytics can help us stand out in a crowded and challenging industry. Moreover, being remarkably competent allows us to be at the forefront of innovation, identifying emerging trends and developing new and innovative solutions.
Combining competence and expertise is also crucial to creating value for customers. While developing competence and skills is essential for IT professionals, being able to understand and anticipate the needs of customers and how to meet them effectively is equally important. At RGI, we prioritise customer value and are always ready to adapt and innovate based on the feedback and requirements provided by our customers – and this is something that allows us to be recognised as leaders and succeed in the long run.