These pioneers in digital technology can gain an edge over their rivals by becoming more effective and efficient. They’ll be able to trim costs and pass on those savings to their customers, thereby winning new business and gaining market share. The digital laggards, by contrast, will find themselves fighting an intensified price war and scrambling to protect their competitive positions.
Customers are pressing for change. They now expect their insurers to offer simple, transparent and flexible products and services—all online. And companies have begun to respond.