In a report commissioned by the global SaaS solutions provider INSTANDA, specialists worldwide came together to urge the insurance industry to embrace a ‘once-in-a-generation opportunity’ to transform, or risk being left behind. During a launch event, INSTANDA CEO Tim Hardcastle highlighted that the report had been curated from one-to-one interviews with 40 experts, including global software vendors, insurance consultants, insurers, MGAs, and members of the insurtech community. He emphasized the importance of an unbiased discussion on ‘Reimagining the digital insurance landscape.’
“Our ambition was to learn more, to explore various perspectives, and identify areas for improvement,” he said. “This report aims to reflect on these opinions and stimulate debate on how we can enhance our industry.”
INSTANDA’s research revealed that consumers are largely indifferent to the insurance industry, seeking a more personalized experience. Robyn Merttens, executive chairman of InsTech and a report contributor, discussed the challenges during a Q&A panel with Hardcastle. Hardcastle noted, “Everyone agrees there’s more that can be done for the customer,” emphasizing that the experts unanimously shared this sentiment.
The report indicated that consumers desire a frictionless experience, more personalization, and products that resonate with them. Hardcastle acknowledged the alignment between customer preferences and industry recognition of these needs. However, he questioned why customers continue to express these desires despite longstanding industry discussions on the topic.
Possible explanations, such as inflexible technology or legacy processes, were considered. Hardcastle emphasized a paradigm shift uncovered by INSTANDA’s report. Companies that view their services as retail services tend to excel, indicating a mindset shift that alters how they approach their market and customers. This shift prompts the need for real-time data, driven by analytics and flexible technology.
“It’s a paradigm shift that companies need to make,” he said. “Not all of them can do that easily. Vanguard companies, particularly in home and motor insurance, are changing their thinking towards more retail-oriented ways of working.”
