Insurance Industry Driven by Digitisation and Continued Transformation to Serve & Manage Customers
The recent PwC report titled, “Next in Insurance: Key trends shaping the future of the Middle East insurance industry”, shares the impacting trends that the insurance industry is steering towards:
- The digitization agenda
- Reimagining customer value
- Sustainability and ESG
The Digitization Agenda
With increasing use of bionic advisers, data inputs from various IoT devices and the use of Digital Twins of Customers (DToC) enables insurers to set the right strategy, capabilities and urgency to innovate and adapt quickly.
Reimagining customer value
Create a seamless and value driven customer experience -addressing customer needs in real time by utilizing data and new technologies to create personalized experiences and products
Sustainability and ESG
The rising threat of climate change poses greater risks for the insurance industry. to protect against these risks, insurers need to reflect the real economic value in the reporting standards and adopt to the new IFRS17 accounting practices as well as the emerging ESG practices.
The report suggests several ways to reimagine insurance business:
- Continued adoption of digital in the front, middle and back offices
- Consolidation and heightened M&A activity
- Increasing regulatory supervision – capital & solvency
- Differentiated products with enhanced features changing structures due to IFRS17 & direct/indirect taxes
- Enhanced focus on core insurance competency—whilst reimagining non-core activities
- Focus on sustainability and ESG.
Also highlights: To remain competitive, insurers are expected to continue transforming how they serve and manage their customers.
NSure Core Insurance Suite from KGiSL is a comprehensive digitization solution for both Insurance & Takaful operations which will enable you to create sustainable business models that drive growth and enhance the customer experience.
It meets changing market demands with a modern, rules-based life and general insurance policy administration solution that supports claims management, point of sale as well as digital solutions.