Spending on technology in the U.K. and U.S. will grow 25% over 2022 levels by 2026, according to a recent eMarketer report . This shows that digital transformation is top of mind for leaders at property & casualty and life insurance companies. Insurer spending on digital transformation will remain constant even in the face of economic uncertainty. But is the policyholder truly at the heart of each step in the digital transformation journey? To answer this, think about where P&C insurers typically invest. Workflow automation related to the claims process is a major priority at many companies, as it should be. But between 2016 and 2020, homeowners filed claims for fewer than 6% of insured homes. In one year during that same period, slightly more than 6% of policyholders with auto insurance collision coverage filed a claim, and only 3% of policyholders with comprehensive coverage had a claim. Automated communication helps manage customer expectations around claims, but given that the majority of P&C customers don’t submit claims in a given year, it’s time to look at other points where digital communication can help insurers deliver the desired brand experience for their policyholders. Here are eight ideas that can help […]
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