KPMG

How well is the life insurance industry keeping pace with rapidly changing technology?

The insurance world has changed significantly, not just incrementally but fundamentally, as the digital revolution transforms the way we interact and do business. The entire insurance value chain is affected, from insurers to intermediaries and distributors and service providers, particularly as other industries from retailers to auto manufacturers set foot in insurance markets. At the centre of this transformation into a connected, digital world are people and a marketplace that is defined and driven by customer behaviours, needs and lifestyles.

As RGA graphically observes: ‘Anyone who has placed a telephone call through a switchboard operator, from a phone booth, using a rotary dial or on a brick-sized cellular phone has witnessed the steady march of technological progress. Advances in technology and infrastructure have changed the way that we connect with one another and, more fundamentally, how we experience and interact with the world in which we live.’

This paper summarises the issues and ideas developed in four papers prepared by insurance company representatives from four large insurers/reinsurers for discussion at the International Insurance Society’s 50th annual seminar in London, UK, in June 2014…

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