Digital Insurance - Business Innovation in the Post-Crisis Era
Source: Asia Insurance Review | Feb 2016
Digital Insurance, with the subtitle Business Innovation in the Post-Crisis Era, provides an in-depth review of digital innovation in insurers.
Insurers are forced to cope with changing market dynamics – including growing participation from new organisations – and socioeconomic factors, while at the same time attempting to increase revenue and reduce costs. The industry which has traditionally taken a cautious approach to change, now has an urgent need to innovate and adapt quickly to the changing environment and embrace innovative methods in order to maintain a competitive edge or just to survive.
Hence, it is important for insurance companies to proactively move toward digital insurance – which has the ability to transform insurers’ business and their relationships with their customers – where an insurer “uses all available solutions to make the processes and services of the company lean, to automate them, and to deploy excellent functions for selling/buying products and delivering services in a multichannel approach”.
The book explores the ways in which the adoption of new paradigms, processes, and technologies can lead to greater revenue, cost efficiency and control, as well as improved business agility in the insurance industry. The author argues that insurance companies should actively embrace digital insurance to make processes and services lean, automated and multi-channelled.
Plenty of real life business cases and results of surveys to substantiate the recommendations are included in the book written by Mr Bernardo Nicoletti. He is a professor of ICT Procurement at the University of TorVergata, Rome, Italy and provides consultancy in Europe and Asia on IT strategy, organisation and procurement. He worked for GE Capital, as Group CTO, and AIG, with assignments in Italy, UK, USA and Argentina.