The COVID-19 crisis has prompted many US insurance companies to speed up their digital transformation initiatives. Forced to adapt to new ways of working, they’ve quickly embraced alternative modes of communication and technology to keep servicing customers, writing policies and paying claims effectively. We’ve also seen how some insurance carriers have been adapting their business strategies as a result of the pandemic to become more ready and resilient. As US carriers look for opportunities to drive digital innovation, they may learn a great deal from the success of their peers in Asia.
US insurers have made great strides toward digital transformation, but many still have a way to go. We see room for improving productivity by leveraging technology, such as AI and data analytics, in new ways. We also see opportunities to grow your business by extracting more insights from internal and external data to drive product and service innovation. In addition, many websites, mobile apps and call centers should have closer integration. In short, benefits in efficiency, cost-cutting and profitability from transformation are ripe for plucking.
Don’t expect to replicate the playbook and results achieved by some Asian carriers, as US and Asian insurance markets differ in too many ways. However, the innovation, flexibility and experimentation in Asia provide digital guideposts you can use to set your strategy for a post-COVID-19 world.
We would like to acknowledge Juan Fuentes, Elaine Han and Lauren Hahn for their contributions to this article.
Global insurance advisory leader, PwC US
Global Growth Strategy, US Financial Services Practice, PwC US
Partner, PwC US
Director, PwC Strategy&, PwC US