Zurich:
Consumers’ shifting demands are now combining with digital innovation to transform analogue business models, with record funding being allocated towards Insurtech developments, even against a backdrop of the coronavirus pandemic, according to a research report prepared by the Swiss Health and Insurtech company dacadoo.
dacadoo has conducted an insurance industry research project to better understand how insurance executives perceive the next normal in a disrupted world.
“Many insurers have failed to fully grasp the magnitude of the changes that are happening,” explains Peter Ohnemus, President & CEO of the Health and Insurtech firm dacadoo, which provides digital health engagement and health risk quantification systems to insurers.
“Few of the current operators were founded recently or are operating based on today’s consumer behavior, and they don’t reflect the expectations of the mobile-first, digital and dynamic generation,”he said.
Ohnemus believed that the insurers that will truly grow and define the next ten to twenty years in the industry will be integrated insurance operators; those who offer a fully integrated digital ecosystem, including a tangible health and wellbeing proposition, to elevate the customer experience and engage their members through mobile-first digital health engagement platforms. “They will drive the disruption from within,” Ohnemus explained.
“For the insurers, building and leading integrated health and wellbeing digital ecosystems means they will have a unique understanding of a consumer’s life, while the consumer gains relevant health advice and personalised lifestyle navigations.Such micro-services and lifestyle-based insurance products will become extremely popular, as long as customer privacy and trust are retained and a good mobile experience is delivered.” ,” said Ohnemus.
The Global Integrated Insurance Operator Survey ran throughout October 2020 and collected responses from an audience of over 300 Life & Health insurance executives globally.
The main objectives behind this research initiative were to find out how insurance executives are reacting to the vast changes brought by the Covid-19 pandemic, in addition to discovering how they see their organizations changing within the near future and whether digitization and customer-centricity has become an important part of that transformation.