Insurer 4.0: Sensor technology and data protection
Historically low interest rates, a wide range of reforms and changing customer expectations, for example in terms of data security, are putting pressure on them: Insurers. They are currently facing major challenges. Insurtech companies (technology companies with a focus on the financial sector) serve their customers via digital channels and avoid the expensive establishment of a sales force. As a result, many insurers have announced cost-cutting measures and are investing in new customer- and service-oriented business models. PwC Switzerland has drawn up five theses on the future of insurers.
PwC Switzerland has drawn up five theses on the future of insurers in the environment of sensor and real-time technologies.
Tailor-made solutions for needs 4.0
Thesis 1:
Today's customers expect insurers to offer tailored products that meet their individual needs. This also means that insurers must be accessible through multiple channels - online, mobile, in person. Thanks to the analysis of customer data, insurers can offer services that are precisely tailored to their needs.
Thesis 2:
Sensor technology, the sharing economy, longer life expectancies and data protection are changing customer needs, which in turn is opening up new areas of business for insurers. "Modern technologies are enabling insurers to connect with and serve their customers in new ways.
If a loss can be prevented in this way, this is much more in line with actual client needs than if financial compensation is paid retrospectively for a loss that could have been prevented," says Immy Pandor, Insurance Industry Leader at PwC Switzerland.
Technology-savvy partnerships and employees
Thesis 3:
Instead of competing with insurtech companies, traditional insurance providers should partner with them to dynamically adapt to customer needs and bring new products to market at short notice.
Thesis 4:
The transformation to Insurer 4.0 can be accelerated by investing in digital talent. "In order to build a digital business model, many insurers need to change their corporate culture. What they are looking for are digitally minded employees who complement the existing staff with their unconventional way of thinking," explains Patrick Mäder, Head of Financial Services Consulting at PwC Switzerland.
Automatically regulated
Thesis 5:
"In order to efficiently implement the increasing regulatory requirements, insurers must aim for a high degree of automation in their processes," states Robert Borja, Head of Risk Assurance Insurance at PwC Switzerland. "This way, with a sophisticated data architecture and central data availability, they can easily and efficiently create the necessary reports for the regulator."
For more information about PwC Switzerland and its studies, please contact Immy Pandor Industry Leader Insurance, immy.pandor@ch.pwc.com.
If a loss can be prevented in this way, this is much more in line with actual client needs than if financial compensation is paid retrospectively for a loss that could have been prevented," says Immy Pandor, Insurance Industry Leader at PwC Switzerland.
