4th Growth and Resilience Dialogue with Social Partners Presentation

Case Study – Transformation in Insurance Industry Pape r l e s s E conomy

TRANSFORMATION AREAS

O p p o r t u n i t y

Customer Application process can be digitized by use of electronic forms, mobile apps and digital photos to record assets to be protected

Race to Transform

The reduction in paperwork and staff requirements can lead to reduction in cost and increase in efficiency. This will result in greater profits as well as potentially lower premiums.

Payment process can be digitized through use of mobile apps or even digital currencies

Insurance companies that transform first gain a competitive advantage that can result in increased market share and profitability

Claims process can be digitized by using smart phones to take photos of asset damage or loss. Reimbursement can be done in a digital medium similar to the “payment process”