Digital disruption: a prime opportunity for the re/insurance industry

We know the industry threats of an increasingly digital world. But this same world also opens new lines of communication between reinsurers, insurers and customers, influences positive behavior and more.

According to the Ericsson Mobility Report, there are 7.2 billion active smartphone subscriptions today. The company projects that by 2020 that figure will have more than doubled. With consumers increasingly making purchasing decisions via smartphones and other digital devices, the re/insurance industry is in a prime position to adapt and capture opportunities within this shift.

Go where the customers are

Magnum Mobile is an example of how we're helping our customers do this. Through this app, our clients can integrate the power of our underwriting tool into their agents' mobile devices. This means that agents can submit information to Magnum directly from their device at a time and place convenient for them…and their customers.

"If you're not moving toward fundamentally embracing digital now, you're way behind the curve," says Swiss Re's Bruce Hodkinson, Head L&H Europe and Mediterranean.

"The difference now is that you don't need digital solutions for everything, but you do need to be strong in terms of customer engagement. It's almost by default that people expect 24/7 access."

Digital: a must have

The re/insurance industry isn't known for digital innovation. But with new platforms introduced almost daily, combined with increasing customer expectation of perpetual access, our industry has no choice but to change.

"Insurance carriers for the first time are connecting to their customers in a pervasive way," said Marc Tison of mobile app company Blazingchilli.  "They don't talk to a customer once a year when the insurance premium increases, they talk continually with a customer."

Marc was one of several experts to address various aspects of how to capture the opportunities of an increasingly digital consumer at the recent "Next Generation Customer Insurance" conference at the Swiss Re Centre for Global Dialogue.

You can now download a free app to your tablet and get all the conference highlights, speaker quotes and watch full presentations in an easy, interactive format. Download it free from GooglePlay or AppStore to your tablet.  (Not available for iphones.)

Learn more here or see related links on this page.

Published 20 September 2015

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