The transition of customer behavior due to digitalization

Assurances are undergoing a radical change triggered by new information technologies that impact value-added processes/value creation, product development and innovation, and thus customer behavior. Digitalization is all the changes and their outcomes understood in all parts of society, resulting from the increased use of digital technologies. 1 Digitalization questions the “insurance” business model and increases innovation and cost pressure.
Therefore, focusing on the core processes is becoming increasingly important in order to persist in the fast-paced market environment. Also, customers have more choices through the Internet, are better informed and have higher expectations regarding company solutions. Nevertheless, digitalization can additionally create new potentials that optimizes processes but is also changing the needs of customers. 2 Therefore, IT is a key driver for optimizing core processes and to stay competitive.