World Insurance Report 2020: Established Insurers Must Join Open Ecosystems and Draw Upon Partners to Retain Market Share From BigTech Entrants
Summary
Consumers are turning to non-traditional players such as BigTechs1 and product manufacturers for innovative, personalized offerings with enhanced customer experience (CX) and are increasingly relying on digital channels in the face of the COVID-19 pandemic. Digital adoption is no longer a function of age; for those with access to the web and social media, researching and directly procuring insurance online has become mainstream across all generations. To varying degrees, they trust online research including reviews, testimonials from family and friends as well as broker and agent advice and feel empowered to make independent policy purchase decisions. Cross-generational digital adoption and the unprecedented impact of the pandemic are compelling reasons why established insurers need to transform their operating models,” said Anirban Bose, CEO of Capgemini’s Financial Services Strategic Business Unit and Member of the Group Executive Board. This primary research covers insights from 32 markets: Argentina, Australia, Belgium, Brazil, Canada, China, Colombia, Denmark, Finland, France, Germany, Hong Kong, Hungary, India, Italy, Japan, Malaysia, Mexico, Morocco, Netherlands, Nigeria, Norway, Philippines, Portugal, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, Turkey, the United Kingdom, and the United States.