Dirk Schmidt-Gallas

Carriers who succeed will have found ways to harness their customer-interactions and data to optimize product pricing and features to address customer need.

Insurance policies typically sold through face-to-face channels require intense advice and demand creation. Insurers must take steps now to adapt to the new landscape.

The way insurance companies respond to the COVID-19 crisis is indicative of how the industry will meet the biggest challenges going forward: the disappearing retail customer, over-regulation, shrinking product margins, low customer loyalty and public distrust.

Although many insurers have developed digital roadmaps, their tech initiatives aren’t aligned and their digital channels aren’t integrated.