Building Digital Insurance Products: Life Edition
Celent has released a new report titled Building Digital Insurance Products: Life Edition. The report was written by Craig Beattie and Tom Scales, senior analysts in Celent’s Insurance practice.
The report describes the capabilities required to embed digital in today’s insurance products.
For simple products that are highly automated with regards to underwriting and pricing, a digital insurer needs to offer the consumer a seamless, simple experience. For complex products that rely on human expertise, a digital insurer needs to define a collaborative digital platform that enables the human expertise to be augmented by increasingly powerful, and smart, automated processes.
“In order to embed digital in today’s insurance products, we must rethink what it means to build an insurance product,” says Beattie.
“Life insurers are behind other financial services companies in leveraging digital. It’s time to catch up, and doing so will require new product thinking,” says Scales.
This current report takes these differences and examines what new, digital platforms for delivering insurance products look like. Further, it examines the possibility of blending these platforms.