“In the digital age, where products and services are rapidly outdated and emerging from new technology creates new demands from customers, it is no longer appropriate for insurance companies to rely on five-year strategic planning, as they may do today,” writes Matthias Peter. “However, to adapt the strategies to tomorrow's market, insurers will need work with much shorter planning cycles.” Excerpts:
"The insurance industry is now experiencing a digital transformation of its traditional business model that resembles what the banking and finance industry has been through over the last 3-4 years. In the face of increasing competition from non-traditional areas, what should insurers do to maintain their competitive edge and support customers most efficiently?
At Cognizant, we have looked for the answers and found three areas to stay relevant in the long run:
By investing in new technology, combined with the smart use of customer data they have available and entering into strategic cooperation, insurance companies can position themselves to be stronger than ever."
Click here to read the original article in Norwegian.