59% of insurers increasing investment in digital, says EIS
Using a representative sample of 1,057 consumers and 73 industry figures, EIS’s analysis indicates that a year indelibly marked by COVID-19 - Lloyd’s the total cost to the global insurance industry could be US$203bn - has vindicated the application of digital technology across the board.
“Despite the chaos, the pandemic has highlighted the sheer importance of digital transformation,” stated Anthony Grosso, Global Head of Marketing.
“The leading insurers of the future will be those who transform to enable digital ecosystems which place insurance at the heart of how consumers manage their financial lives. In 2021, we expect insurers will focus on this and invest in their ability to keep up with the needs of their customers.”
Furthermore, EIS postulates that three core initiatives will drive corporate strategy in the year ahead:
- Accelerated transformation: as previously alluded to, the operational difficulties of managing a quality service during COVID-19 without digital infrastructure have been demonstrated. Only 1% of those surveyed stated that their investment would decrease in 2021, while 59% indicated that it would increase.
- Modern CX: nearly one third (28%) of policyholders cited a poor customer experience as the primary reason for leaving their insurer. Omnichannel capabilities, easier policy creation, and more intuitive customer platforms will all play a role in modernising legacy CX.
- Expanding services: leading insurers like have understood that the modern industry must offer more than just cover. By offering value-added services and placing an emphasis on well being, the company provides a case study on how to make insurance more proactive, engaging and bespoke.
On this last point, Phil Zeidler, CEO of , agrees. He InsurTech Digital, “Fundamentally, general insurers are product focused and not customer focused. They think about risk and loss ratios, not customer experience aspects such as ease of access.
“Often they’re removed from the distribution of their product: they outsource to brokers, aggregators, etc, and so they don’t understand their customer or where they’re being marginalised.
“Insurers have got to understand their customer and commit to understanding both the data they have and how they can enhance it through additional sources. They also have to understand consumers’ buying preferences and how they should redesign products to enable them.”
The Ultimate FinTech & InsurTech LIVE Event
Whether you attend virtually or in person, it will give you the chance to network with C-Level executives, share ideas with industry pioneers, and walk away with actionable, unique insights to bolster your business and career.
By the end of the three-day event, you will have seen the latest innovations in both FinTech and InsurTech. You will be able to see how companies like yours are tackling the problems that keep you up at night, engage in a community that many struggle to access, and share your ideas with people who care as much as you do.
How can you attend?
In the post-Covid era, not everybody wants to travel for events. So FinTech and InsurTech Live will be completely hybrid. That means you can attend the event in person or virtually - with no disadvantages to people who don’t make the trip to the Tobacco Dock.
FinTech and InsurTech Live is happening in the Tobacco Dock in London, a ten-minute walk from Tower Bridge. For more information on the location, click here.
There’s no need to worry about missing out if you choose not to attend in person. You can still absorb all the information, interact with other attendees and enjoy the conference experience on our virtual platform.
There will be live feeds from all of the stages (also available on-demand after the event) as well as virtual networking areas. So not being able to travel is no reason to miss your chance to gather with the industry.
What’s on the agenda?
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Across the three-day event, a number of relevant topics and trends surrounding fintech and insurtech will be discussed.
- Tuesday 14 October - Diversity and Inclusion
- Racial equality (11:30 am)
- Supplier diversity (12:00 pm)
- Sustainability (12:30 pm)
- Women in fintech (14:30 pm)
- Wednesday 15 October - Challenger and neobanks
- Cashless society (14:00 pm)
- SMEs (14:30 pm)
- Thursday 16 October - Adopting new-age digital solutions in the insurance industry (06:00 am)
Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information.
The topics surrounding digital transformation should certainly be on the mind of every executive after the events of 2020 and how we all had to adapt to meet customer’s needs. Creating a digital roadmap is key, and making changes to the traditional ways of working. Customers now have new needs, and keeping up to speed with the digital changes, whilst also doing so safely, are important.
If you want to get leading perspectives on the future of fintech and insurtech, you can purchase your tickets here.