Insurers have undergone massive changes. Over the last 5-10 years, digital business has transformed how insurers interact with their customers. This is true both for customer acquisition – from marketing to online quoting and onboarding – as well as claims submission and processing.
But the change has only just begun. Over the next 5-10 years, experts expect even more digital transformation and disruption ahead. In one study by PwC, nearly half of all insurance CEOs surveyed believe that most existing insurers will not survive in their current form. Close to 80% expect the players to change substantially. These CEOs emphasized that the driving forces of change are technological change and customer expectations for anytime, anywhere service.
Being a fast follower or late adopter may have been good enough in the past. But now, to maximize their chances of surviving and thriving, insurers must not only fulfill the latest regulatory requirements. They must also be the first to innovate in three areas: Customer and Risk Analytics, Customer Experience Management, and Digital Business.
Download the Industry Brief, “Becoming a Customer-Centric, Digital-First Insurer with In-Memory Computing,” and learn how the GridGain In-Memory Computing Platform can help you achieve this.