In this latest look ahead to what 2020 will bring us, Herve Mazenod, Managing Director of Insurance and Investment at Gobeyond Partners offers some useful insights;
“In the insurance sector specifically, 2019 has been about continuing investment in technology. There has also been a realisation that there are an increasing number of technology specialisms which require some very specific partnership engagements. Certainly, disruptors have started to make some headway, but they have not yet shaken the market up completely, as with some other sectors. What they have done however, is embedded new ideas, such as automatic claim settlements, auto-enrolment and the use of AI for underwriting decisions, which has meant that the more traditional firms are increasingly at risk of falling behind.
In recent research we undertook at Gobeyond Partners on the topic of customer experience and digital transformation, there was an overall feeling of optimism. In fact, 70% of insurance firms expected their revenues would increase in the next 12 months. Despite this optimism, insurance was also the most concerned sector when it came to technology, with 95% of respondents expressing that they were concerned with the impact that the current speed of technological change will have on their growth.
With this in mind, we believe that 2020 will increasingly require the use of integrators to make sense of all the different technology partners available and ultimately pull the best together to serve the purpose of the entire customer/client experience.
As the pace of both M&A and technology change continues to increase, organisations will need to be more focused on the human angle of transformation. We believe that those who will be the most successful will need to look at their business processes through a more human lens. We want to put human experience at the heart of everything: taking an end-to-end view of the customer journey, leveraging digital technologies with to augment human interactions, and engaging colleagues on this journey. Those who succeed in this will ultimately get ahead in 2020 and beyond.”