The digital insurance - facing customer expectation in a rapidly changing world

Abstract

Internal and external factors are driving change in the insurance market - at a pace not yet seen before. The focus of the insurance industry has shifted from managing the insurance sector itself to managing an agile cross-linked environment. Insurers are now part of a complex ecosystem consisting of companies from various industries that either are or want to be part of the end-to-end customer journey. Furthermore, customer demands like 'mobility' require a joined customer journey of traditional insurers, Fin- Techs and technology manufacturers. This article provides an in-depth insight into both the customer journey and ecosystem of insurers. It identifies common trends that require a fundamental realignment of the corporate culture and gives various examples of insurance companies that go new ways. By suggesting a 10-point roadmap, it proposes a guideline of how insurance companies can respond to the challenges of digitalization and what actions they should take to do so.