Willis Towers Watson, a global advisory firm, has released a report indicating that Canadian insurance companies are under increasing pressure to digitise their operations due to customer expectations. The report, based on a survey of 200 senior insurance executives, reveals that 63% of respondents believe that customer demand for digital interaction is a significant driver of change.
The research also indicates a shift in the industry’s perception of digitalisation. Previously, digitisation was seen as a cost-saving measure, but now it’s increasingly viewed as a way to enhance customer experience. The report suggests that this shift is due to the influence of other sectors, such as retail and banking, where digital channels are now the norm.
However, the report also highlights some challenges facing the insurance industry. While 74% of respondents see digitalisation as an opportunity, only 28% feel they have the necessary tools and resources to implement it successfully. This suggests a gap between aspiration and capability within the industry. The report concludes that insurance companies must address this gap and invest in digital technologies to remain competitive.
Overall, the report suggests that customer expectations and industry pressures are driving digital transformation in the Canadian insurance industry. It highlights the need for companies to adapt and invest in digital solutions to meet these demands.
Go to source article: http://www.insurance-canada.ca/ebusiness/canada/2017/Willis-Towers-Watson-digital-pressure-1702.php