The 2020 Insurer Compass
Navigating the Future of Insurance
What insurers think about the future of insurance
Across life, health, and P&C, more than 70 insurance professionals from around the world offered their thoughts and opinion in an online survey conducted by Insurtech Insights — 57 were vice presidents or higher, 50 were from legacy insurers, and 10 from challengers.
Opinions were gathered from 70+ insurance professionals globally:
VP or higher
Legacy insurers
Challengers
The importance of digital transformation
“The 2020 Insurer Compass” report reveals an enormous sense of urgency around the need to transform. Fully three-quarters agreed that technology is disrupting the industry, and there is unanimous agreement that digital transformation is necessary for insurers to remain competitive.
73 insurance professionals were asked if they agree or disagree with the following statements:
Insurers must undergo digital transformation to remain competitive
- Strongly Agree or Agree 99%
- Strongly Agree 84%
New technologies are disrupting the insurance industry
- Strongly Agree or Agree 74%
- Strongly Agree 40%
Insurers have a customer experience problem
The majority of professionals surveyed understand the industry’s deficiencies and realize the need to transform the customer experience. In fact, improving the customer experience is deemed “essential” by 99% of survey participants.
How would you rate insurers’ ability to provide each of the following?
Omni-channel customer experiences
%
Average, poor or very poor
%
Excellent or good
Personalised products and experiences
%
Average, poor or very poor
%
Excellent or good
Transformation. Barriers and next steps
Most everyone agrees on the need to transform, so why hasn’t the industry moved more quickly? Within established insurers, the most common barrier was identified as “legacy technology.” The next most common: “lack of management buy-in.”
88% of insurance professionals believe that legacy is preventing incumbent insurers from transforming quickly enough