Increasing digital world – Transforming Insurance | KPMG | SG

The stakes are rising: Operate in an increasing digital world.

Operate in an increasingly digital world.

Early views of digitalization saw it as a means to reduce cost-to-serve. Opportunities for insurers to differentiate themselves from other providers except through price was limited. Now, service, convenience and customization of experiences are all possible and customers demand it. In future the uses of digital technology will become more strategic, as insurers leverage it to enter new markets, optimize supply chains and communicate with investors.

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Enabling Digital Innovation

Transforming Insurance identifies five key areas of focus for insurers and intermediaries who are looking to enable digital innovation into their day-to-day operations and growth initiatives, including:

  • Focus on people - digital experiences do not have ‘users’ – they live with people in a more intimate and direct relationship than software from an earlier generation
  • Don’t be afraid to fail - but learn to fail swiftly and safely by building a ‘test, learn and experiment’ culture.
  • Agility is king - quickly obtain consumer feedback in order to refine products, service or back office solutions.
  • Embrace risk -  learn to take on measured, acceptable levels of risk in order to innovate.
  • Keep a sharp eye on emerging trends - watch not only competitors but other sectors to identify threats and opportunities and develop creative, tailored responses. 

Survey results

In our 2014 survey of insurance executives, we found a greater appetite by insurers to use digital technology to achieve their strategic goals over the next three years.

How do you plan to use digital technology in the next 3 years, and how does this compare with how you have used digital technology over the last 3 years?

Enhance corporate performance
71% 63%
Improve customer relationships
65% 82%
Manage risk
53% 65%
Engage with employees
51% 59%
Develop a new product or service
43% 61%
Comply with new regulations
37% 49%
Communicate with investors
29% 45%
Enter new markets
24% 51%
Optimize the supply chain
24% 41%
Other
10% 6%
Past 3 years
Next 3 years

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