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The insurance business is currently facing a profound period of upheaval. Technological developments are changing all areas of customer's lives. The omnipresence of the mobile and stationary Internet alone is leading to a transition in customer behavior and to new customer requirements for dialogue with insurers. New, digital players are occupying important strategic customer interfaces. At the present time in many industries, all those companies are facing a major challenge whose business in the mass market is based on gaining access to customer interfaces, and are facing entirely new demands on their flexibility and agility.
Many companies have long provided their customers with a great number of communications channels. This step toward multi-channeling was necessary, but it is not sufficient in itself. Insurance companies are facing the challenge of coordinating and integrating communication across all channels, across all sectors, and across all phases of sales and customer relations. This omnichannel management, when thought out to its logical conclusion, will thus change far more than merely your direct interaction with customers. Omnichannel management means nothing less than a new method of making the customer the focus of communication and of the entire business model.
We are proud to present our new study "Omnichannel Management of the Future: How Insurers Can Future-Proof Their Customer Dialogue." It is based on our trend study "Insurance 2020" and goes one step further. It shows:
• How the omnichannel approach will change customer dialogue
• How insurers can construct a future-proof omnichannel management system
• What organizational and structural consequences this will have
• How new product opportunities will be created in this way for the insurance industry
Insurance has a great future ... if its future looks different from its past! This present study names the significant strategic drivers for the future of the industry. It explains which players will drive which trends and for what reasons. Using the road maps, plans, and expectations of trendsetting industry players, the study delineates a vision of the future of the insurance sector for the next five to ten years. And, based on concrete strategic options, it reveals what steps insurers must take to create omnichannel management systems for the future.
The trends described in this study are to be understood as aids for long-term strategic orientation. Be skeptical about trend studies which forecast that your industry will completely change overnight. This is nonsense! Most insurance companies and brokers will be able to continue with their current business for years to come. Granted, they will continue their business with steadily declining revenues, but continue nonetheless. The study represents an invitation to the industry to develop approaches to the future in manageable pilot projects parallel to the slowly declining classic insurance business and thus, step-by-step, to generate more profit than is lost by that existing business. Your success in doing this - or lack thereof - will decide whether you will number among the winners or the losers of today's trends in 2020. The work concludes with concrete strategic options for future-proofing the companies of tomorrow ... today!