The insurance industry has responded well to the COVID-19 outbreak through managing business continuity and supporting its customers and employees.
The industry is going through turbulent times, will have deeper impacts, and is likely to see further pressure:
As the industry emerges from the current situation into the new normal, the response needs to be on two dimensions with different outlooks:
Insurers should focus on following four pillars of change:
Enhance customer service to manage surges in demand.
Optimize operating models for early recovery.
Go digital-first for customer engagement and experience.
Adopt new revenue streams to drive growth.
Most insurers are likely to make small adjustments to their priorities and 2020 spend. According to a recent survey done by Novarica, less than 25% of insurers are delaying or cancelling strategic projects. Insurers are likely to spend more toward enhancing their digital capabilities, improving operational efficiency and business resilience.
At many insurance companies, there is an ongoing effort promoting digital transformation and innovation, but the industry as a whole needs to recalibrate and look at accelerating these efforts to serve their customer needs in the emerging new normal. We enable insurers with solutions across the four pillars of change to help them serve their customers with empathy and build future capabilities.
Digital Sales Head for Insurance - EMEA, Wipro
Pradeep is a business technologist with over 20 years of experience in the EMEA region across Life & Pensions, and Property & Casualty domains. He enables clients to realize business value through acceleration of their digital journeys.