- Create a better customer experience: Come closer to the (end) customers and understand their needs, their fears and their emotions. What values – both tangible and non-tangible - do they want to protect? What are their anxieties? Insurers’ need to be at the digital edge to approach and interact with the customer while still be able to inspire trust and security.
- Generate earlier, faster and more interactive touchpoints with customers and subsequently entering the value chain at an earlier stage.
- Extend the boundaries of insurability based on a better understanding of specific risks due to big data and customer demand. Cover new risks which arise with digitalization, like cyber threats, reputational risks (loss of identities, confidential information and/or personal data).
- Create and re-develop new forms of insurance, for example on an on demand basis (coverage for short periods e.g. during travels or while using shared-economy items, like IPads, smartphones, Car-to-go, Drive Now etc.).
- Make insurance easy understandable and transparent!
May 11, 2016
Loving the disruption? The five biggest opportunities and challenges for insurance in APAC
Roland Eckl, Chief Executive Munich Re Asia Pacific shared a blog post that highlights his thoughts on the topic of insurance and the changes that it will need to endure in the coming years to stay relevant:
