In this article, experts at Accenture surveyed over 6,754 auto and home policyholders that have made a claim between 2020-2022 across 25 countries. They found a big need for the insurance industry to revamp their claims processing and underwriting efficiencies. They estimate an efficiency loss of $85-$160 billion over the next 5 years as underwriters spend 40% of their time on non-core activities. Read the full article here.
by McKinsey & Company
In this article, experts at McKinsey & Company share insights into how embedded insurance is redefining insurance business models and intensifying competition in the insurance space. Sighting favourable conditions like 95 percent of Asian consumers are now digitally inclined; Asian government regulations are increasingly paving the path for digitalization, and more, they explain how insurers in Asia could be poised to realize significant benefits in the embedded-insurance. To read the article in full, click here.
Insurance customers expect insurers to be as easy to work with as an online retailer. And new entrants are giving them exactly what they want, shaking up customer acquisition! Incremental change or hoping to avoid change altogether are no longer viable options for traditional insurance businesses, explain experts at PwC in this report.