Digital experience have driven the business of insurance, and insurtech’s self-service platforms have improved the business dynamics for both insurers and consumers.

That’s according to Capgemini’s 2019 World InsurTech Report, which 2019 surveys and interview executives from insurance firms on the growth of connected roles and relationships in the sector.

Anirban Bose, CEO of Capgemini’s Financial Services shared, “to deepen customer relationships, insurers will have to collaborate more with InsurTechs who are already mastering the customer experience buy leveraging the most innovative technologies and use of data.”

The report draws insight of new insurance ecosystem with an open marketplace with the development of a new customer-centric experience. Findings featured in the report include:

  • A shift from product focus to customer experience: 70% of insurers and InsurTechs said a focus on holistic risk solutions for customers was critical to establishing a future-state insurance marketplace.
  • The evolution of data as a critical asset: 70% said advanced data management capabilities are critical.
  • A transition from asset ownership to a shared economy: more than 35% of insurers and InsurTechs have already realized that focusing on shared ownership of assets is critical.
  • Partnerships with specialists over the traditional “Build or Buy” approach: 90% of InsurTechs and 70% of incumbents said they want to collaborate with each other. Both insurers and InsurTechs have a hearty appetite for collaboration with other sectors, such as healthcare providers and players from the travel, transportation, and hospitality space.

“The data shows that insurers and InsurTechs are eager to partner with each other, which will ultimately benefit the customer in the form of more advanced products and services,” says Vincent Bastid, Secretary General of Efma, which partnered with Capgemini on the survey.

According to the report, collaboration and partnership must be prioritized. 68% of insurers say partnerships are critical, but only 32% are collaborating with ecosystem partners to provide value-added services.

The want to digital experience is currently a must have for policyholders, smart technology have created a digital-age paradigm that increases the simplistic lifestyle for consumers. Policyholders are now deciding future service with insurers based on the availability of digital features and benefits. According to the report, more than half of the insurance customers interviewed shared the importance.of mobile and internet for conducting insurance transactions.