Digital innovations have transformed the insurance sector over recent years and this is set to continue. We track digital best practice and industry trends, sharing insights via specialist services and reports.
Benchmarking Top Insurers
In Autumn 2020, we're launching a new service - DigitalBar - in association with partners Altus. DigitalBar will benchmark the digital capabilities of the top UK Insurers, showcase their digital journeys and customer experience (CX). Service features at launch will include:
- Digital maturity league table for Top 20 UK Insurers;
- Capability scoring by product category, lifecycle stage and Insurer;
- Initial focus on General Insurance (Household & Motor product categories);
- Digital journey and CX showcase, (new business only at launch).
The scope of DigitalBar will continue to evolve. The service is ideal for commercial leaders looking to gain insights into competitors, in-house digital teams and vendors servicing the insurance sector.
Growth & Innovation In Insurance
Our latest report on Growth & Innovation in the Insurance Sector was published in early 2020, and is based on a survey of 150 industry leaders across Insurers, MGAs, Insurtechs and Brokers. The 30 page report provides detailed insights into the aspirations of these key players, exploring:
- Growth ambitions for each group;
- Growth drivers & blockers;
- Importance of innovation and how its defined;
- Digital readiness and key technologies being adopted.
Insurtechs and MGAs are most bullish about revenue growth. Both are targeting over 20% by 2022, with a big focus on expanding distribution.
66% of all insurance businesses see New Products and Services as one of the key factors driving future revenue growth.
Only 38% of insurance businesses feel digitally ready. Over 41% believe technology is their biggest blocker to driving business growth.
70% of insurance businesses say innovation is key to their current business plans, smart use of data playing a key part in driving innovation.
Talk with our consultancy team on 020 7099 6370