Digitisation creates new opportunities for the Nordic life insurance industry
9 February 2018
Many established actors realize that they can not carry out the digital transformation on their own. Therefore, there has been an insight into the need to act through different types of partnerships.
Major efforts are being made by industry players to deliver a better customer experience in meeting with the customer in digital channels. Most digital advisory solutions have been launched from both established actors and new challengers. Many have invested in self-service solutions for brokers, corporate customers and private customers. With the ambition to simplify and digitize the acknowledged decent process of power of attorney, the Fullmaktskollen.se service has also been launched, with a number of players joining. The information exchange between operators in the value chain in the life insurance industry is becoming more automated and standardised. This allows for more cost-effective administration, which in the long run enables us to meet the continuous market demand for lower fees and increased transparency.
Insurtech and Partnership
Many established actors realize that they can not carry out the digital transformation on their own. Therefore, there has been an insight into the need to act through different types of partnerships. New start-ups with the ambition to streamline or disruptively change the industry continuously see the light of the day. We have seen this happening in the United States and now it is happening in the Nordic market. For the established actors, it will be crucial to determining the strategy for which position you want to take in this new ecosystem and identify partnerships that support the chosen strategy. Analysis firm Celent presented various strategies that exemplify how multi-faceted today's business landscape is.
Which of the players who are the winner of the future is impossible to answer today. With the increasingly accelerated rate of change we see in the market, we can only be sure that the ecosystem will look quite different this year. Therefore, a crucial success factor for today's players is that they have reliable, adaptable and scalable IT support as a base platform for this change trip.
Swedish Insurtech landscape
Stockholm School of Economics and PA Consulting surveyed the Swedish Insurtech landscape in 2017 and categorised actors based on various roles in the value chain of life insurance and pensions. Today, Itello has nine of the market's life companies as customers and is a hub of the ecosystem for insurance and pension savings.
Itello - for tomorrow's winner
The companies that choose the market's best IT support from Itello will have the best prerequisites for becoming tomorrow's winner. Itello's clear ambition is to act as a central hub and facilitator to drive digitalisation of the Nordic life insurance and pension market!
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