"Creating value through customer centricity - Leveraging data, analytics and technology". Insurance company forum – 29-30 September 2016, Cologne.
Insurers are operating in a rapidly developing environment, and three key global trends are set to fundamentally impact on the insurance industry over the next four years. First, there is new social interaction paradigm, driving different consumer needs and expectations as to the type of interactions they have with insurers. Secondly, the nature of risk is changing, with new sources of risk, new ways of mutualising risk, new interconnection, and new ways of measuring and tracking risk in real time. And finally, the completive environment is changing drastically, with an acceleration in insurtech as both new and old players invest heavily in new technology.
In this session at the Willis Towers Watson ‘Creating value through customer centricity’ forum, Magda explored in detail these key trends and their implications for insurers. She also explored how the GAFA management models compare with traditional insurance management models, exploring the impact of customer centric approaches on innovation, and the move towards the omnichannel. Finally, Magda considered why to date the industry hadn’t seen more new entrants and disruption, and how this was likely to change dramatically in the medium term.