The biggest mistake made in the quest to compete with increased digitisation is to jump at quick fix plug-ins offering access to untapped markets or apps that digitise sales and onboarding. These might look like quick wins, but they mostly do not deliver nearly as well as expected due to the lack of strategic decision-making in selecting and implementing technology-based opportunities.
We recently hosted a series of webinars to discuss digitalisation from the perspective of innovation. In this week’s thought leadership newsletter, we decided to share the thoughts on this topic from a few of the webinar presenters.
Innovation elevates the entire insurance value chain
Customers are expecting the same speed, convenience and transparency as they are use to from global platform and ecosystem players like Amazon, Netflix or Spotify. And it is not only the policyholder who has that expectation, but also any stakeholder within the entire insurance value chain searching for the same state-of-the-art experiences.
Data – The key to digitalisation
The Data Company is doing a lot of work with data in the intermediary space, which has become an essential component of how brokers do their business. We spoke with Kali Bagary the CEO of The Data Company to find out whether or not brokers or intermediaries are getting value from their data at the moment.
Strategic Digitisation – Commit to the Journey
If it wasn’t difficult then every insurer would be digitised already. Strategic digitisation is a journey and a process of developing and executing the strategy. There needs to be a clear roadmap to get from where they are now – to where they want to be.
The Insurance Innovation Journey – key takeaways from Lireas’ presentation
Innovation is not just about the introduction of technology but includes the creation, development and implementation of new products, processes, services or business models with the aim of improving efficiency, effectiveness, competitive advantage or producing new profits or growth for the organisation.
The case for design thinking in the insurance industry
Fresh thinking from outside the insurance industry will drive the next wave of growth within the insurance sector. Design thinking may be a desired approach that shapes customer-centric innovation, but few companies do this well.
The business benefits of getting big data right
Big data has become the buzzword of the day. However, it is how you serve your customers based on the actionable insights that you derive from the data that matters – and the benefits of getting the data right are potentially enormous.
Joining forces for the customers sake
InsurTechs like Click2Sure’s cloud-based modular and scalable software as a service (SaaS), enables any company to digitise an insurance value chain from the distribution and onboarding of insurance products through to administration and reporting. In other words, SaaS enables non-insurance companies, whom we call Affinity Partners, to easily incorporate insurance products into their offering to customers.
Insurtech: looking behind the hype
Customers are expecting their insurers to keep up with technology and to interact with them in ways that they prefer. Technology provides the enabler for insurers to get creative, all they need is some initiative and the right technology partners.
The Art of Partnering & Collaboration in Insurance Technology
The days of all the technology and technology skills sitting inside insurers, are long over. And even the biggest of global insurers are more and more moving to partnerships and collaborating with people that have very specific skills, that have markets, and that can provide them with access to markets.
What is the right tech for my advisory business?
Three of SA’s leading tech experts attempted to answer this burning question at a webinar hosted by COVER last month. Read on for a rundown of the key considerations…