Latest sigma: Digitalisation is transforming insurance for consumers and suppliers alike

29 January 2020 Swiss Re

• Data-driven insights enable real-time insurance transactions, value-added risk mitigation and prevention services across customers’ lifetimes
• With growing granularity of insights into customer behaviours, role of insurance is evolving from indemnification of losses to a broader consultative service on risk prevention and mitigation
• Emerging markets lead the way with mobile and multi-channel offerings extending the reach of insurance

Digital transformation empowers consumers to be more informed and independent than ever before, and equips insurers with the tools to cater to customers’ current and future needs. This leads to the development of new data-driven business models, impacting the entire insurance value chain, the latest sigma “Data-driven insurance: ready for the next frontier?“ says. While consumer-supplier touchpoints will become predominantly digital, human interaction will continue to play a role: through consumer feedback and analysis, insurers will be able to identify where in-person engagement is most effective. To date, insurers in emerging markets lead the way in optimising the potential offered by digitalisation, as in many of these markets, the starting point is digital rather than analogue.

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