Swiss Re, sigma 1/2020: Digitalisation is transforming insurance for consumers and suppliers alike

29 January 2020 — press.release
Digital transformation empowers consumers to be more informed and independent than ever before, and equips insurers with the tools to cater to customers' current and future needs. This leads to the development of new data-driven business models, impacting the entire insurance value chain, the latest Swiss Re sigma publication says.

sigma 1/2020: Data driven insurance

While consumer-supplier touchpoints will become predominantly digital, human interaction will continue to play a role: through consumer feedback and analysis, insurers will be able to identify where in-person engagement is most effective. To date, insurers in emerging markets lead the way in optimising the potential offered by digitalisation, as in many of these markets, the starting point is digital rather than analogue.

The availability of internet-enabled devices and universal connectivity has changed consumer behaviours and expectations, particularly among younger generations. Empowered with digitally-facilitated information, consumers expect rapid access to information, transparency, and more personalised purchase experiences relevant to their lifestyles.

Jeffrey BOHN, Chief Research & Innovation Officer at Swiss Re Institute, said:

"As a result of digitalisation, insurers now have direct connection to their customers. With the availability of granular data, insurers can better segment customers enabling them to develop new tailored products & services, and refine existing ones in real time. This benefits customers and insurers alike."

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