Digital innovation in insurance: an essential competitiveness lever in 2021

For several years, the level of digital insurance of insurance has continued to progress on all of its favorite subjects. The first of them is none other than the digitalization of their customer relations, envisaged as a disruptive tool. This is all the more true since the consumer inquires, compares, or even subscribed, through the platforms of insurers.

If the use of digital in insurance increases, this does not mean abandoning other channels. An insured person can indeed declare a claim by phone and follow the progress of his online file, for example, or meet an agency advisor. Companies must therefore think of their CRM according to a multi -channel course.

Digital in insurance has already been resolved, in particular thanks to the adoption of the electronic signature of contracts which promotes online contractualization. However, some technological bricks still lack, like the automated execution of contracts through a blockchain or teleconsultation, a strong issue for older members or living in medical deserts.

Extension of the platforming of internal information systems, the second level of digital insurance maturity is related to the overhaul of internal processes. Indeed, this makes it possible to maximize the efficiency of the tools, but above all the speed of reaction to market developments. She therefore questions each insurer about her ability to follow the new uses and/or new expectations of their customers, but also to adapt to competition by launching new offers.

In recent years, the collaborative economy has imposed itself on all sectors thus accelerating the transition from an economy of “possession” to a “sharing” economy: seasonal rental between individuals, vehicle sharing, carpooling … Insurance companies have quickly adopted these new uses to create offers to encourage the recourse to these solutions which participate to reduce risks. Thus, we have seen the “Pay As You Drive” or “Pay How Drive” offers that the majority of French people approve as the “French and health” study conducted by OpinionWay and Deloitte in May 2018.

Last level of digital insurance of insurance, the automation of processes is based in particular on the creation of ecosystems based on partnership and the evolution of the economic model. Based on digital technology, insurers can offer new personalized services.

As in other sectors, the automation of insurers’ processes meets two objectives: cost optimization and the improvement of the customer experience. Relaxed, the digital transformation makes it possible to integrate the regulatory aspects of insurance and the subjects of compliance and the fight against fraud. However, two brakes on its generalization should be noted, namely technical aspects due to the seniority of certain SIs and financial investment.

Currently, some digital tools allow insurance companies to strengthen their CRM or develop knowledge of their insured people through home automation. Chatbots, increasingly acclaimed, have the advantage of covering the two possible application fields. To these, we can also add: