“Disruptive start-ups never just settle for improving the current way of doing things. Instead, they focus on rapidly changing the game entirely.”
Danny Vicente, Cisco market manager for financial services, made this observation in a blog post, where he also noted that insurtech investments more than doubled to $2.5 billion in 2015, from $700 million in 2014.
He further explained that the disruption will focus on customer relationships, risk management and transformation.
Customer relationship management will evolve towards the provision of seamless customer-centric experience delivered through the integration of various access channels.
“Seamless customer centric omni-channel experience is the expectation throughout the customers’ journey: no matter whether the customer is doing initial research, finalizing their decision to buy, ordering services or considering changing their insurance policy,” he said in his blog post.
Meanwhile, he added that the internet of things (IoT) will be a
force majeure in the risk management space.
“While managing and understanding risk will never be an easy task for insurers, digitization is helping gain better visibility and insight into markets like never before,” he further observed.
Still, he said, execution remains a challenge as enterprises undertake digital transformation
Many companies have developed comprehensive digital strategies, but struggle to enable them... A well planned strategy, enabled by best practices and proven tactics is essential,” he concluded.
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