Today, speed to market is a top priority for virtually every insurance company, and for good reason. In order to compete – both against traditional vendors as well as new entrants – you need to do all you can to meet customers’ changing expectations when it comes to speed and responsiveness.
Providing fast, personalized insurance product offers and services is not only a great way to attract and retain customers, but it now becomes true table stakes in any insurer’s customer experience strategy in order to gain market share and an ongoing competitive advantage.
Yet how to accelerate your speed to market isn’t always so clear, especially if you face challenges related to outdated legacy technology, siloed processes, inefficient workflows, data, limitations, and more.
To help, we found 10 statistics related to speed to market and the overall customer experience in the insurance industry today. We hope these will help you understand where the market stands today, where new opportunities may exist, and where the entire industry is headed.
Baseline: Changing Dynamics Between Carriers and Customers
- 42% of customers say they don’t fully trust their insurer – IBM Institute for Business Value
- Only 15% of consumers said they are satisfied with their insurers’ digital experience. – Propertycasualty360
- The average insurance customer has 2.7 insurance-related information needs per year – opportunities for fast, engaging responses and experiences – Bain & Company
- 77% of customers are willing to exchange personal data for lower premiums, faster claims settlements, or more tailored insurance coverage recommendations. – Accenture
- 50% of P&C customers say that they’re willing to consider doing business with nontraditional providers, including tech firms. – Bain & Company
Clearly, consumers want more from their relationship with their insurance carrier, and they’re willing to take their business to companies who can provide it.
The Future of Insurance
- There will be up to one trillion connected devices by 2025, which will allow carriers to understand their clients much more. – World Economic Forum
- Artificial intelligence (AI) algorithms will be able to create better risk profiles and reduce cycle times for developing and deploying product offers to mere seconds. – McKinsey & Company
There’s a real opportunity for insurance companies looking to invest in the right technology today.
Technology-driven Speed-to-Market Enhancements
- The entire insurance industry has the potential to automate 25% of key operational processes by 2025 , streamlining processes and increasing speed to market. – McKinsey
- By 2024, investment in AI-enablement of knowledge workers will rise by 40% as insurers shift from automation to human support initiatives. – Gartner
- By some estimates, AI will power 95% of customer interactions by 2025. – Finance Digest
As new technologies continue to emerge, innovative insurance companies can take advantage of them to increase their speed to market and enhance their overall competitive edge.
Build the Best Foundation for Speed to Market
Today, speed to market should be a top priority for insurers looking to better meet changing customer expectations and overcome competitive pressures to become much more agile in an increasingly challenging market.
Earnix delivers proven technology, capable of providing fast time to value and innovative solutions that help insurers get up to speed quickly while improving their ability to reach customers and prospects much faster than ever before.
Interested in seeing how Earnix can help you bring these statistics and trends to life in your company? Read more about speed to market in this eBook.