Abstract
Digital transformation is impacting the insurance industry in a big way. A number of new business
and operational models have been proposed that are being integrated with technology. Many
insurers are trying out analytics, predictive technologies and IoT in order to lower operating costs,
improve efficiency and retain customers. Some of the insurance operations where the digitisation
infiltrating are providing quotes based on predictive analysis, underwriting, distribution, etc. The
underwriting in the life insurance application is accelerated with the information available from the
medical and pharmaceutical data. The artificial intelligence is automating the tick-box actions in
underwriting, policy administration and claims. There are few ‘direct-sell’ platforms are also
springing up from InsurTech firms – to sell various life insurance policies to the customers who might
not purchase it as traditionally it would take long to do so. Such platforms are changing the
distribution channels particularly in the life and health insurance segments. Use of sensors and IoT
enabled devices is impacting the segments of automobile, health and home insurance. A number of
these transformational elements are coming together at the same time.
One area where the technology is making substantial impact is ‘Digital customer eXperience
Management’ (DXM). The insurers are looking to differentiate their USP beyond price to provide
better customer experience and retain their customer base.
Contents
Abstract
Overview & Definitions
Current Situation & Impact of DXM
Critical Observations
Technology developments
Technology challenges
Market Perceptions
Market opportunities
Value stack
Routes to Market & Channels
Lessons to Learn
List of Figures
Fig 1: Top Level Framework of DXM&PS
Fig 2: Expected DXM Market Performance over time
Fig 3: Value stack of DXM&PS
List of Table
Table 1: The factors impacting the DXM market
