Swiss insurers are no strangers to change. New technologies and ways of working are transforming our industry, and new regulations have far-reaching implications on how we store and protect data. In this series of articles, we share our insights into what will be the key challenges and opportunities over the coming year, and what Switzerland’s insurers need to do to stay ahead.
The need for transformation is taking hold in many industries across Switzerland. Insurance is no exception. Sustainable growth can be achieved only if insurers proactively tackle the complex changes they face. But this requires new ways of thinking and changes in mindset in many areas.
Insurtech: Connecting insurers with customers
I believe 2018 will see a great step forward in the adoption of insurtech. The past few years have seen start-ups in this field gain growing interest from investors and markets – particularly with proof of concept technologies that promise to boost customer engagement, reduce risk and improve quality. This year, products and solutions will be scaled for a wider launch. Particularly strong developments will be seen in blockchain technology. And efficiency gains in operational internal processes and robotics will pave the way to enhanced processing.
New technologies are key to insurers’ abilities to achieve a primary goal – to become an integrated part of their customers’ daily lives. Think consumer-focused health trackers or Internet-of-Things-enabled appliances. Or customers increasingly demanding mobile solutions while on the go. Insurtech can help to integrate systems and create value as insurers move closer to their customers. And as priorities shift from protection to prevention.
Be the disruptor, not the disrupted
Wherever your specific focus, a broad and holistic view of the market is vital to sustainable success. Over the coming months, we will share our insights into some of the key issues facing Swiss insurers:
- Customer experience: becoming your customers’ mobile friend by offering timely, convenient and to-the-point solutions to their needs.
- Enterprise-wide risk: avoiding the pitfalls of cognitive bias in assessing risks and identifying upside potential.
- GDPR: complying with the new EU-wide regulation, and using it to build advantage.
- Finance transformation: helping to clarify the role of finance in driving strategic business imperatives
- Digitalization: how it will change customer experiences
- Robotics: and its impact on efficiency
Look out for our blog articles on these transformational topics. Because getting these areas right will be key to the success of individual Swiss insurers. And to Switzerland’s continued role as a leading player in the global insurance market.
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