Innovation Strategies: P&C Insurers Hand Customers the Keys to Growth | Insurance Innovation Reporter
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Seth Rachlin, Seth Rachlin, Chief Innovation Officer for Insurance, Capgemini, co-authored this article.
Last week, Majesco and Capgemini jointly released a thought-leadership paper, Embracing Innovation and Growth Opportunities in P&C Insurance. In previous article, we used the paper as the springboard for a discussion on why P&C insurers need to reinvent themselves to fit new market needs. In this week’s blog, we’ll look at how creating an engaging customer experience will invigorate an insurer’s strategy and allow them to capitalize on platform technologies.
In this new insurance era, nearly every process is rapidly becoming frictionless, including buying. If distribution channels are easy to use with products that are easy to understand, then insurers can grow through a friction-free, multi-channel distribution system. According to the World Insurance Report 2021 by Capgemini and Efma, more than 70 percent of customers expect a seamless multichannel experience for policy research and purchase.[v] The benefit of adapting to these channel dynamics is that we move from needing to sell people on purchasing insurance to introducing insurance that is ready to be bought seamlessly at the point of need, creating a scalable, sustainable business model.
Speed of innovation is for agile, fast, and MVP models to explore, test, and introduce new products—many in 12 weeks or less. This strategy prepares the new business for the future using next-gen native cloud microservices and API-based solutions.