World InsurTech Report 2021
The World InsurTech Report 2021 from Capgemini and Efma explores the impact of exponential InsurTech growth and customer adoption on the insurance industry. Discover how insurers address this trend and should prepare for two scenarios we predict in the InsurTech era.
World InsurTech Report 2021 Online Session
Join us on September 30, 2021 at 14.00 – 15.00 CET | 8.00 – 9.00 EDT for an exclusive presentation on the World InsurTech Report 2021. Denise Garth, Chief Strategy Officer at Majesco, and Danilo Raponi, Group Head of Innovation at Generali, will join Capgemini Insurance team to discuss the future of the insurance industry in the InsurTech era.
Accelerated demand for insurance protection
COVID-19 accelerated demand for insurance protection. But, in a departure from the past, policyholders now seek coverage from various non-traditional players, including InsurTechs and BigTechs. Policyholders are gravitating towards insurers that offer better “CARE,” where Convenience, Advice, and Reach are at the heart of designing and evaluating the effectiveness of their customer journey.
Increased InsurTechs presence
Tech giants and InsurTechs have secured unprecedented access to capital allocation from investors and are bolstering their digital capabilities, increasing their lead as innovation frontrunners to deliver the CARE equation — customer Convenience, Advice, and Reach, unlock analytics at scale and enhance customer engagement. InsurTech full carriers are transitioning from competitors to insurance incumbents, while InsurTech enablers enjoy healthy growth through collaboration at scale with established insurers.
Reach - critical insurance differentiator
As policyholder expectations evolve, InsurTechs are leveraging investor capital to create a reliable data and analytics foundation and maximize the benefits of AI/IoT solutions and API/open insurance enhancements to enrich their CARE equation delivery, with a focus on Convenience and Reach.
The new insurance value chain
To navigate today’s dynamic environment, Insurers are shifting from “doing digital” to “being digital.” The insurance value chain is evolving its monolithic, siloed approach to data and CX to become a modular and specialized value chain featuring harmonized customer experience. The new insurance value chain will feature two primary scenarios: insurance embedded as a value add within third-party ecosystems, and insurance with added value at the core of complex offerings.