While any immediate technological changes introduced by insurers during the coronavirus crisis have likely been motivated by the need for survival, the wider objective of digital transformation in the insurance industry remains the same in 2020 as it has been for the past few years.
It’s all about how the insurers can stay relevant to customers by offering the right products and services via the most desired mediums, while also operating more effectively and efficiently in an increasingly digital world.
Successful digital transformation also requires finding the right balance between applying new technology and maintaining the human touch and empathy that customers expect when they turn to their insurance partners in a time of need.
When asked how insurers can achieve that balance, Ringsted responded: “It’s about doing the simple things quickly and efficiently through digital means so that you can free up people’s time to focus on those moments when customers need the human touch.