Digital innovation has a huge role to play in improving insurers’ operational efficiency, customer experience, and product and service development. The pandemic has highlighted this, while also bringing new risks, including growing cyber threats and potential burn-out among pressured IT teams.
Customer enquiries and claims have surged during the pandemic, adding pressure on insurers at a time when staff and operations were transitioning to a remote working model. While Switzerland’s insurance companies handled the situation well, it has shone a light on areas where more investment is needed in technology to enhance efficiency and the customer experience. Our latest global CIO survey makes interesting reading in this regard. Let’s take a look at how and where insurers should continue their digital journeys.
We have seen some great examples of digitalization over the past year – particularly in the retail insurance segment, where the Swiss market has introduced real innovations in client interfaces. But as technology continues to advance rapidly, there is always more to be done.
In my experience, insurers look to technology to help them improve in three key areas: operational efficiency, customer engagement, and new product and service development. This translates into investments that promote automation, cyber security and data privacy, and specific solutions to enhance the customer experience.
These focus areas are echoed by the insurance respondents in our global 2020 Harvey Nash / KPMG CIO survey. With 4,200 responses from CIOs and technology executives across 83 countries, it is the largest IT leadership survey in the world. You can read its findings here.