Insurance is one of the most susceptible industries to be hit by digital transformation. As technology, practices, and the global market continue to evolve, disruptions have become commonplace, marking the onset of a 4th industrial revolution. While no industry is safe from game-changing innovation, insurance companies are still slow in their uptake, mainly due to stringent regulations.
In recent years however, insurance companies are facing increasing pressure from investors and stakeholders to evolve before disruption hits. Insurers are expected to modernise, take performance and operational efficiencies to the next level, but at the same time manage rising consumer expectations and continued cost pressures.
Recognising the need to balance out the expectation to innovate and counter new age market players, several strategies were laid out by insurers in response. While different strategies function to serve different business models, two common elements found in almost all these approaches are:
- Unrushed and systematic changes
- A strong handle on operational activities
For instance – one of ASW’s partners, Eagle Eye Insurance Solutions (EEIS) had reached a point where it needed to further develop its operations as their business continued to grow. Recognising the need to be critical of how they pushed forward, they turned to us to set up an offshoring team for insurance industry dedicated to Administration and Customer Service so they can better streamline other business functions.
Read more about how we worked with EEIS to manage their rapid growth.