TransformingtheInsuranceIndustryToIncreaseCustomer.pdfVIP

White Paper Transforming the Insurance Industry To Increase Customer Relevance How Cultural, Process, and Technology Change Can Significantly Increase Shareholder Value for Insurers Authors Markus Schaerer Herbert Wanner Clive Grinyer March 2011 Cisco Internet Business Solutions Group (IBSG) Cisco IBSG ? 2011 Cisco and/or its affiliates. All rights reserved. 3/11 White Paper Transforming the Insurance Industry To Increase Customer Relevance How Cultural, Process, and Technology Change Can Significantly Increase Shareholder Value for Insurers “We have been in the insurance business for more than 150 years, and now is the time for change.” —Ivo Furrer, CEO, Swiss Life, Switzerland Introduction From Apple to IKEA, we live in a world of innovative products, services, and experiences. Today’s consumers are increasingly comfortable using social media, mobile phones, and PCs. With this technology, consumers can more easily find what they want, compare it with other items, get recommendations from friends, family, and colleagues, buy from wherever they’re located, and tell each other about the experience afterward. The balance of power has clearly shifted from suppliers to consumers. In response to this dramatic change, many companies have successfully transformed their