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Insurers will have to innovate and maintain their customer orientation to prosper, says EY

by

Hubert Roy

20 July 2017 07:00

Photo : Freepik

EY has five tips for insurers that intend to prosper in 2017. The firm of consultants the details in its most recent report, entitled Outlook for 2017.

First task : to maintain their customer orientation and adapt their strategies of access to the market to meet the constantly changing needs of the customer. EY believes that insurers will also give priority to innovations inspired by customers. To achieve this, they will need to accelerate the development of new products and new business models to take advantage of the potential offered on the market.

Another task is to adopt technological advances to improve their performance on all the plans. They need to automate their processes of insurance through robotics, but also to deploy a strategy of advanced analytics focused on the achievement of new efficiencies and the implementation of new solutions.

To pass the prevention of risks associated with disasters and cyber risks at the forefront of the priorities is the fourth board of EY to property and casualty insurers. Finally, the consulting firm proposes to revisit the strategies of recruitment, training and retention of staff so as to facilitate the acquisition of skills to stimulate growth in a rapidly changing environment.

«In 2017, the property and casualty insurers, canadians will have to appeal to a new set of springs organizational to benefit from the competitive advantages associated with digital innovations and innovative products, while meeting the expectations of the customer,» says Walter Rondina, leader in the sector of damage insurance, EY to Quebec. These challenges are all opportunities to strengthen the business and to transform for the better the insurance sector as a whole. «

EY has also identified the factors that will shape the future of property and casualty insurers in 2017. In the foreground, there is a constant evolution of digital technologies and the new advances in the fields of robotics, process automation and assurtech. Then comes the economic and political uncertainty that weighs on the results of the insurers.

Customer expectations are forcing insurers to think critically about their role in the implementation of a customer-oriented approach. «The insurers that will focus on the product offering simplified and a comprehensive approach are likely to be more able to meet the expectations of the customer «, says Mr. Rondina.

The other three factors to be considered according to EY are disasters, cyber risks and the needs of the workforce. Mr. Rondina noted that the problem of the shortage of manpower figure for the first time in the ranking of the factors of transformation of the insurance industry established by EY. He explains it by the fact that it is difficult to find recruits with the skills required in the digital domain.

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