The industry’s digitalisation is not just the job of the IT department, says insurer’s commercial head
The digitalisation of the insurance industry should affect all parts of a company, according to AXA commercial lines and personal intermediary chief executive Amanda Blanc.
In a keynote speech at this week’s Insurance Times Digital Insurer event, Blanc said that the industry’s digital shift is not just a job for companies’ IT departments.
Blanc said: “IT departments have a critical role to play but it is not their job. It has to be way more integrated than that. It should actually be in every single thing we do.”
Insurers can use the digital world to their advantage in marketing, communication, pricing and customer segmentation.
Blanc said: “We can be much smarter with our approach by looking at groups of customers and working out what our proposition should be to that group of customers.
“People want a more tailored offering. They want to be treated as a group of like-minded individuals, not a group of commercial combined policyholders.”
Blanc also suggested that while digital was part of all insurers’ and brokers’ strategies, not all companies are well prepared for the digital age. She cited figures from Ernst & Young that 79% of insurers do not have the baseline technology to cope with the digital world and 57% do not have an operating model that equips them for it.
She said: “We know there is a big opportunity or threat. We know there is a lot of data out there. But what we also know that many people are not ready for it.”