"Digital disruption" is a term we hear so often these days that it's almost lost all meaning. The insurance industry isn't known as an early adopter for new technologies, and is undergoing some major technological changes not seen since the advent of the internet. Shifting customer demographics, downward cost pressure and new technologies all are forcing insurers to look for cost savings to boost profitability while at the same time providing a new generation of customers with the kinds of services they demand. Consulting sat down with Seth Rachlin, Executive VP, P&C Insurance Lead at Capgemini to talk about how the industry is changing and what it means for consultants.
Consulting: What have been some of the big recent changes you've seen in the insurance industry?
Rachlin: I work with the full set of our property and casualty clients across the broad range of services we provide. What we're seeing and what we continue to see accelerating is a real desire to really re-define how insurance is actually sold and delivered based on the capabilities of various digital technology. It's no secret the insurance industry has been behind a number of other sectors, including its sister sector banking and financial services, in terms of the kinds of capabilities customers are offered in what I'd call a "seamless digital interaction."
