This website uses cookies. By navigating around this site you consent to cookies being stored on your machine

How insurance companies can ride the wave of digital disruption

A new age of digital disruption across European insurers has left established players at risk of falling behind new, agile and innovative brands.
How insurance companies can ride the wave of digital disruptionA new age of digital disruption across European insurers has left established players at risk of falling behind new, agile and innovative brands; and seemingly behind the curve in relation to other industries.
 
In order to survive in the current marketplace, innovation needs to be placed at the heart of the transformation agenda for insurers and applied to every aspect of the businesses from product and service offerings through to operations, supply chain and employee / management cultures.
 
Innovation that promises to improve the customer experience and respond effectively to market demands is often only just skin deep, with true transformation stifled by what really lies beneath - unwieldy legacy systems, fragile, insecure IT infrastructure and low quality data and information on which to base decisions and measure outcomes. It therefore follows that lasting success requires digital thinking at all levels, in all teams across the organisation.
 
At BAE Systems, we believe in taking a user-centred design approach that focuses on where digital disruption has most impact. This is not just the preserve of customer facing innovation. It is increasingly relevant in how we embed delivery capability, the application of analytics and insight, how we build pragmatic migration paths from old world to new – all while recognising and embracing practical and cultural constraints.
 
Whilst in other sectors digital transformation and innovation has already changed relationships between businesses and customers, they have also shown how poorly managed changes can expose new risks and weaknesses that can threaten to undo all the good work.
 
Building and gaining trust with your customers in a rapidly evolving relationship that requires not only a user-centred approach, but also appropriate controls to manage cyber risks and other threats. The aim is to end up with digitally-transformed services that reduce friction for your 'good guys', while identifying the 'bad guys' and defending your business.
 
 
BAE Systems has sponsored independent research company, PAC’s report into the state of innovation in the European insurance sector.
 
top
Aldus Whitfield, Head of Digital Solutions 3 February 2017