It took a pandemic to force many insurers to speed up their digital agendas. Indeed, according to a recent global survey of insurance CEOs conducted by KPMG International, COVID-19 has been the digital catalyst insurers so dearly needed.
The change has been nearly universal. Eighty-five percent of Insurance CEOs say COVID-19 has accelerated the digitization of their operations and the creation of next-generation operating models. Eight-in-ten (78 percent)say it has turbo-charged progress on the creation of a seamless digital customer experience. A similar number (79 percent) say it has brought new urgency to the creation of new business models and revenue streams.
Further, there is a significant gap between insurance coverage and value. Insurance penetration (measured as the ratio of the insurance premium paid and GDP of the country) in India, according to Economic Survey 2020-21, increased from 2.71 percent in 2001 to a mere 3.76 percent in 2019 — much below the global average of 7.23 percent. The survey also highlighted that the penetration in India was particularly low for the non-life segment.
The COVID-19 catalyst: Insurers race to digitize
An estimated 400 million people around the world lack access to basic health services. Each year, close to 100 million people are pushed into extreme poverty because they have to cover their own health costs. These numbers have increased with COVID-19 and will continue to increase as people lose jobs, health insurance, and health expenditures rise due to COVID-19 related spending on testing, treatment, and vaccines.
The client wants to take control of their health management and also agile and immediate responses, and companies like Mapfre strive to provide them. To achieve this, there are two lines of work that are of great importance: telemedicine (with video consultations, medical chats, access to medical reports and online analytics, etc.) on the one hand; and self-service (the client decides where and when to carry out their procedures, also do online procedures, in an agile and simple way), on the other.
In the case of Mapfre, this digitization process had already started before the pandemic. In fact, the insurer created in 2019 Savia, its digital health platform. And the company has spent years working on improving services, listening to customers to find out their needs, and analyzing how to respond, which has led it to expand, more and more, its range of products and services.
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