By Dez Duran-Lamanilao

The digital age, also known as the information age, computer age, or new media age, has transformed how companies do their business to create value and impact in the products and services they are offering. Within the insurance industry, for example, insurers are exploring various digital tools that they need as they attempt to keep up with competition and retain or attract existing and new clients, whose needs and demands are changing and growing bigger as digital technologies arise.

What Does Digital Mean?

Digital describes the array of SMAC (social, mobile, analytics and cloud) developments that are impacting the rules of business. SMAC technologies are paving the way for new platforms for digital business initiatives.

The Benefits of SMAC Technologies:

  1. Social media has become the go-to of customers to learn more about insurance products and how others rate the services.
  2. A growing number of customers are changing their preference when it comes to how they purchase insurance and manage claims. Having all the relevant information on hand through their mobile or tablet is a sure way of convincing them to try an insurer’s products and services.
  3. Analytics – Insurers can use the data created through social and mobile channels to personalize their products and pricing according to the needs of their customers.
  4. Cloud computing allows insurance companies to have more flexibility in their technology platform and innovate with much shorter lead times.Source: PricewaterhouseCoopers (PWC)Watch the video of Lemonade chief executive officer (CEO) Daniel Schreiber presenting his ideas at the Future of Fintech event held in June 2016:

As a consumer, it is important to find the right insurer that will meet your basic requirements as well as your undefined needs in a manner that is clear to you. Talk to us and we would help you with what you need most, without the confusion that usually follows when talking about insurance.