Are insurers really ready to compete against digital-only players?

The overwhelming majority of personal lines insurers are confident in their ability to compete with new, digital-only players, despite just a tiny fraction saying they themselves are completely, or almost all, automated.

A whopping 92% of insurers surveyed in a new LexisNexis study said they believe that digitisation has allowed new types of insurance to emerge and disrupt the market, and while just 4% say they have completely adopted automation, 91% are moderately confident that they can stave off the competition.

Digitisation has seen its highest penetration among insurers as part of the application process, while the lowest level of automation has been seen in claims.

Read rest of the story at insurancebusinessmag.com

By | 2017-06-16T05:20:35+00:00 June 16th, 2017|Categories: News|Tags: , , |0 Comments

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