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With rapid and revolutionary transformations in business-customer interaction across the globe, private customer data is now considered the insurer’s digital goldmine. Asian insurers, traditional they may be, are finally catching up to the analytics game. Enhanced online customer engagement is slowly eliminating countless piles of feedback forms as businesses make it their primary aim to digitally collect and manage private and precious customer data.

If property & casualty (P&C) insurers want to dominate the industry in the coming years, then part of their game plan should involve becoming a trailblazer in digital technology. Bain & Company believes a billion-dollar opportunity exists in digital innovations, but only firms that lead the pack will likely reap the full benefits while laggards will be left to pick up the crumbs.

Rising margin pressure will compel insurance companies to join the insurtech race.

47% of insurers expect to increase their exposure to risks.

Insurers may refuse to take on certain risks.

They spent US$4.1b on insurance policies in 2015.

The first place to start may be in DLT-automated claims processing.