What does change look like in the insurance industry? A significant rethink of customer service that will revolutionize how P&C insurers use digital technologies to create personalized products with speed and care. (KC Jan/Shutterstock.com)
Einstein once said: "The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking." When it comes to the concept of customer service, the P&C insurance industry is due a change in thinking about how insurers are using technology to better cater to customers.
Arguably, the insurance industry has been late to the party when it comes to harnessing digital tools to improve customer experience. But innovation is coming. According to McKinsey, by 2025, the insurance industry has the potential to automate 25% of its processes. P&C is one of the categories of insurance that stands to gain the most from digital, due to the high standardization of processes.
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