BUILDING THE DIGITAL INSURER 3 Priorities Insurers Must Tackle with Speed Digital is fundamentally changing the face of insurance. Opportunities and threats abound; yet, the vast majority of the value remains untapped. To become a digital insurer, IT leaders must focus on helping their organizations tackle these three key priorities with unprecedented speed. think insurance products should be more tailored to changing customer behavior 4 expected annual growth of digital interactions with financial services firms through 2020 (IDC) of expenses locked up in an insurer’s top 20 to 30 core end-to-end processes 6 believe their future success hinges upon their ability to innovate faster than competitors 2 minimum improvement in overall expense ratio through rapid process digitization 6 reported more than 15% in cost savings from automating processes in the past 2 years 1 only 1 in 10 insurers has aligned its digital strategy to maximize effectiveness across the full decision journey 6 80% more than 80% just 32% say insurers are too slow at bringing new products to market 4 76% IT 93% MARKETING 93% SALES 89% E-COMMERCE 89% BUSINESS OPERATIONS 87% Product Development Delivering rapid core and adjacent product innovation YET YET PRODUCT DEVELOPMENT CUSTOMER EXPERIENCE OPERATIONAL EFFICIENCY average time from idea to launch (RGA)5 6-9 months Customer Experience Building a multi-channel, customer-centric journey Operational Efficiency Automating back-end business processes to lower costs INSURANCE functions MOST impacted by digital in the next year 7 : SPEED IS CRITICAL but insurers are STRUGGLING to keep pace 46% 35% 15% 40% 1-4 points How to Deliver New Products Like an InsurTech Join us for our #Insurtech Webinar with Celent Analyst Craig Beattie. Tuesday, November 1, 2016 | 4:30pm CET, 3:30pm GMT, 10:30am EST Register today at mendix.com/insurtechwebinar consider their organization a first mover when it comes to innovation 2 YET 1 Accenture, “People First: The Primacy of People in the Age of Digital Insurance” 2 KPMG, “A New World of Opportunity: The insurance innovation imperative” 3 Celent, “Innovation in Financial Services: Accelerating Insurance Transformation” 4 Target Group, “The Four D’s of Insurance” 5 RGA, “Life Insurance Product Development Innovation and Optimization” 6 McKinsey, “The Making of a Digital Insurer: The Path to Enhanced Profitability, Lower Costs and Stronger Customer Loyalty” 7 Russell Reynolds Associates, “Productive Disruptors Study”