When you embrace digital insurance, you are rewriting your company. You are reengineering processes. You are using data in new and creative ways.
Talking about this very topic at the recent 2016 LIMRA Life Insurance Conference was Kimberly Harris-Ferrante, vice president and analyst at Gartner.
She reminded attendees that digital insurance requires overcoming challenges of existing business models. Just a few of those challenges include: lack of product innovation, technology inadequacy and low consumer loyalty.
“In our industry, how many products over the last 10 years have been really innovative?” asked Harris-Ferrante. “Consumers aren’t excited about us.”
She reminded the audience that the insurance model of 1990, which is still very similar to that of 2015, will not suffice in the market of 2020.
So how does the industry catch up? One of the ways is through data.