Before the pandemic, insurers had made progress with automating and speeding core processes and increasing digital customer interactions. But in 2020, almost overnight, the industry faced a new reality that mandated agility and the ability to quickly respond to unprecedented events.
Now, insurers have no choice but to adopt a new way of working that eliminates lengthy processing times, empowers customers with easier interactions, anticipates customer needs, personalizes in real-time, and gives insurers themselves the insights needed to save and make money. By embracing this new way of working, they can reap rewards that will measure in the trillions for the entire industry in the post-pandemic economy.
To understand the changing nature of work in a world dominated by digital and disrupted by COVID-19, we surveyed 4,000 global executives globally and across industries, 285 of whom were from the insurance industry (to learn more, including our study’s methodology, see “The Work Ahead in Insurance: Vying for Digital Supremacy”). We found an executive class braced for a period of intense change and eager to apply intelligent machines to change how insurance work gets done, and forge new organizations able to withstand markets moving at lightning speed.