At a recent retirement celebration, there was interesting discussion of how things have changed in insurance over the years. It really is incredible! Even if you just look at just the last 5 years, the technological changes at Society are significant.
This is a definite trend in the insurance industry, though in its naturally conservative nature it may not be quite as apparent as in other industries. This new push to embrace technology was recently studied in depth by Swiss Re, the world’s second largest reinsurance company, based in Zurich, Switzerland. This Sigma Study resulted in a 44 page report entitled, “Digital Distribution in Insurance: A Quiet Revolution”, and was published online. For an interesting summary of the report, you can see the article, “How Technology Is Revolutionizing Insurance Distribution: Swiss Re”, which was published on insurancejournal.com.
This article discusses the fact that technology is affecting and promoting change from all levels of insurance, including:
- Insurance Companies – who will be most affected by the increase in available data that can be used to create a more customer-centric product and enhance sales and marketing strategies.
- Agents & Brokers – who will need to emphasize the importance of product knowledge and industry needs to further develop personal relationships with their customer.
- Customers/Insureds – who will find it possible to “shop around” more easily and who will eventually have the ability to do a lot of self-service when it comes to their policies and coverages due to online access and capabilities.
I hope you’ll have a chance to check out the article and the study. What other important points did you discover? Are you experiencing these technological changes? Are you changing how you do business? Please comment below.