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Insurance Transformation - Fit For Digital

Insurance Transformation - Fit For Digital

Is the insurance sector ready for digital disruption?

Download the Fit for Digital research report for banking and insurance.

Insurance transformation – preparing for the digital age

The UK insurance market is a highly competitive and price driven environment, it’s one where customer retention is a challenge and the cost of fraud is high (approximately £1billion/year). For insurers, digital transformation is the way forward in overcoming the challenges of; better understanding customers to deliver an enhanced experience, lowering insurance premiums, and competing with insurtechs that have the capability to settle claims in a matter of seconds.

Through digitalisation, operations can be transformed, processes streamlined, and insurers enabled to comply with the introduction of 2018 General Data Protection Regulation (GDPR).

Historically, the financial services sector has led the way in introducing innovative new technology, but the question is, is this the case with digitalisation - are insurers prepared for the new digital age?

We interviewed our subject matter expert Mark Boulton to capture his thoughts on the research findings and how co-creation can help overcome the challenges of insurance transformation.

Are they feeling the impact? Fit for Digital results

Digital disruption – an opportunity or a challenge for insurers?

In order to discover where insurance service providers are regarding the radical changes that are required to become truly digitally enabled, Fujitsu commissioned a survey of 1,200 C-suite decision makers. This included 357 from the financial services sector, who were asked how prepared they are for the new era of change.

Our 2016 report - Fit for Digital, highlights the challenges insurers face on their journey to digitalisation, and offers guidance as to lessening the impact.

Fujitsu Fit for Digital report findings, click to view full size infographic:

Co-creation - overcoming the challenges of digital transformation in insurance

Financial Services Fit for Digital Report

Many of the financial services decision makers questioned, advised their understanding of the value of co-creating with a trusted technology partner, and see this as vital to transforming their operation and thriving in a digital age. Co-creation with Fujitsu provides insurers with the opportunity to learn fast, act quickly, and scale rapidly. World-wide we have co-created with many leading financial services organisations, enabling them to radically transform their business model. We are experts in digital transformation, and working in close partnership with financial services customers, we have co-created many innovative digital solutions, including:

Finplex Financial Solution – provides APIs with the ability to rapidly develop and deliver new digital services.
XpressWay Business Consulting – is our pay-for-what-you-use output-focused consulting service that overcomes the technological challenges of performance optimisation.
Smart Origination - is our Finplex supported solution for streamlining insurance application processes and increasing fraud protection using the latest biometric technology.
Fujitsu IoT – is our full suite of IoT-related technologies for insurers that includes Fleet Management, Connected Home, and Data Analytics.

| Download the Fit for Digital report (3.82 MB ) | Download the Fit for Digital infographic (599 KB) |

See how our customers solved their challenges

Fujitsu digital innovation customer case study

Bankia - Spain

With Spanish bank Bankia, we co-created a virtual assistant called Laura, to identify a customer’s voice, listen to questions and give advice. Laura, Bankia’s ‘bot’, will be piloted across the bank’s branches before being eventually launched in the market.

Find out more about our solutions and services

Back Office Solutions

Fujitsu Enterprise Service Management solution - ServiceNow, Hybrid IT, and Workplace Transformation offerings can enable you to reduce your costs, improve your efficiency and revitalise your back office processes.

Digital Solutions

Fujitsu’s digital financial services platform Finplex, enables you to rapidly transform and deliver innovative services that improve the customer experience.

IoT and Telematics

Fujitsu Connected Home, Fleet Management and Data Analytics, can enable you to better understand your customers’ behaviour to reduce premiums and deliver an enhanced customer experience.

Cyber Security

Fujitsu network security solutions, ID as a Service, data loss prevention and biometrics can enable you to reduce fraud, remain compliant and protect against the threats posed by cyber-attacks.