The Digital Insurance – Facing Customer Expectation in a Rapidly Changing World

Internal and external factors are driving change in the insurance market – at a pace not yet seen before. The focus of the insurance industry has shifted from managing the insurance sector itself to managing an agile cross‐linked environment. Insurers are now part of a complex ecosystem consisting of companies from various industries that either are or want to be part of the end‐to‐end customer journey. Furthermore, customer demands like ‘mobility’ require a joined customer journey of traditional insurers, FinTechs and technology manufacturers. This article provides an in‐depth insight into both the customer journey and ecosystem of insurers. It identifies common trends that require a fundamental realignment of the corporate culture and gives various examples of insurance companies that go new ways. By suggesting a 10‐point roadmap, it proposes a guideline of how insurance companies can respond to the challenges of digitalization and what actions they should take to do so.