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Best Practices

The value of agility for insurers

As consumer demands change, insurers must understand how technology and versatility can make them more competitive.

By Julio Pernia Aznar | January 31, 2023 at 12:20 AM
The traditional model of selling and supporting insurance products is no longer optimal. Customers no longer want to wait for a live person to help them at every step of the process. Instead, they’re looking for customized solutions that encourage a self-serve capability. The traditional model of selling and supporting insurance products is no longer optimal. Customers don’t want to wait for a live person to help them at every step of the process. Instead, they’re looking for customized solutions that encourage a self-serve capability. (Photo: metamorworks/Adobe Stock)

Insurance companies play a vital role in our society by bearing the economic risk of damage while protecting consumers’ assets. However, the industry is not protected from the disruptive trends of the market. Many have tried and failed to adapt to the changing trends in the industry, while new market players have exploited those gaps.

This challenge has caused firms to adopt newer technologies to keep up with the market. However, frequently they’re still unable to keep up when internal implementation processes are slow — indicating a lack of agility within their organizations. Moreover, many insurers end up hurting their profit margins by spending too much on redundant and time-consuming processes that could be cut down through agility and automation.

 

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