1.
BUILDING THE DIGITAL INSURER
3 Priorities Insurers Must Tackle with Speed
Digital is fundamentally changing the face of insurance. Opportunities and threats abound; yet,
the vast majority of the value remains untapped. To become a digital insurer, IT leaders must
focus on helping their organizations tackle these three key priorities with unprecedented speed.
think insurance products should
be more tailored to changing
customer behavior4
expected annual growth of digital interactions with
financial services firms through 2020 (IDC)
of expenses locked up in an insurer’s top
20 to 30 core end-to-end processes6
believe their future success
hinges upon their ability to
innovate faster than competitors2
minimum improvement in overall expense ratio through
rapid process digitization6
reported more than 15% in cost savings from automating
processes in the past 2 years1
only 1 in 10 insurers has aligned its digital
strategy to maximize effectiveness across
the full decision journey6
80%
more than
80%
just
32%
say insurers are too slow at
bringing new products to
market4
76%
IT 93%
MARKETING 93%
SALES 89%
E-COMMERCE 89%
BUSINESS OPERATIONS 87%
Product Development
Delivering rapid core and adjacent product innovation
YET
YET
PRODUCT
DEVELOPMENT
CUSTOMER
EXPERIENCE
OPERATIONAL
EFFICIENCY
average time from
idea to launch (RGA)5
6-9
months
Customer Experience
Building a multi-channel, customer-centric journey
Operational Efficiency
Automating back-end business processes to lower costs
INSURANCE functions MOST
impacted by digital in the next year7
:
SPEED IS CRITICAL but insurers
are STRUGGLING to keep pace
46%
35% 15%
40%
1-4 points
How to Deliver New Products Like an InsurTech
Join us for our #Insurtech Webinar with Celent Analyst Craig Beattie.
Tuesday, November 1, 2016 | 4:30pm CET, 3:30pm GMT, 10:30am EST
Register today at mendix.com/insurtechwebinar
consider their organization a
first mover when it comes to
innovation2
YET
1 Accenture, “People First: The Primacy of People in the Age of Digital Insurance” 2 KPMG, “A New World of Opportunity: The insurance innovation imperative” 3 Celent, “Innovation in Financial Services: Accelerating Insurance Transformation” 4 Target
Group, “The Four D’s of Insurance” 5 RGA, “Life Insurance Product Development Innovation and Optimization” 6 McKinsey, “The Making of a Digital Insurer: The Path to Enhanced Profitability, Lower Costs and Stronger Customer Loyalty” 7 Russell Reynolds
Associates, “Productive Disruptors Study”