Insurers prepare for market disruptions as internet changes business landscape
As internet revolution begins to change the business landscape with some disruptions, expert in insurance believes that these can no longer be taken for granted.
Segun Omesehin, managing director/CEO, Mutual Benefits Assurance Plc said like the democratic revolution that preceded it, the internet revolution is a time for dramatic changes in our cultural and business assumptions.
Speaking on theme “The Internet Revolution and the Insurance Profession” Omosehin said the industry will largely be affected by Internet of Things (IoT), Big Data and Blockchain, just like other businesses.
Omosehin stated that “as professional insurers, we must be prepared to reinvent ourselves before others disrupt us. “Blockchain in combination with Big Data and Internet of Things (IoT) will change the insurance world.”
“We need to enable efficiency and flexibility in the business of insurance, as the internet revolution has made this possible.”
“Be aware that we do not have borders or boundaries anymore; the whole world is going to open as your population.”
Charging new entrants into the industry, he said, as the newest and the finest of our professionals, the internet revolution has opened the doors of innovation and placed it at your feet, let the insurance revolution start with you.”
“Our hope for the future of a better insurance industry lies with you”
On specific areas where attention should be paid, Omosehim listed the following:
Consumer centricity: Insurers will need to tailor their offers and services to the real needs of their customers. For many, this will entail a radical shift in their core processes, such as new product development, customer contact and claims process design.
Cutting across silos: The new digital paradigm requires that silos between branches and functions be broken.
Partnerships: Insurers need to identify/sign up suitable partners to develop more immersive ecosystem offerings.
IT evolution: Digital technology needs IT systems to operate at a different level. Consumer data must be simply accessible; operations need to happen in real time.
Innovation: Adapting to the digital world requires a sound knowledge of the technology on offer; ability to develop, test and pilot at the right pace; readiness to fail in an entrepreneurial spirit; and capacity to do all that without jeopardising the core business. Insurers will also have to scan the horizon for new, game-changing technology that may be too far ahead to commercialise now, but could have a significant long-term impact on the industry.
Data analytics: New capabilities offered by Big Data technologies need to be embedded within insurance and to support most of the underlying changes.
Modestus Anaesoronye