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Insurance is at an intersection, and industry leaders face a crucial strategic decision. As the environment changes, insurers need to evolve their business models to stay competitive, moving from “doing” digital to “being” digital, and finding new ways to deliver value-added services.
The price of not embracing digital transformation is high: insurers risk missing out on the $1.6 trillion in value that digital will create for the industry in the next three years.
The key is to understand the biggest trends driving change—and adapt to make the most of the opportunities they present. For insurers, those trends fall into three major categories: Technology, Human Behaviour and Business Models.
KEY TRENDS
TECHNOLOGY
As the cloud, big data, artificial intelligence and the Internet of Things mature, successful insurers will use the new landscape of hyperconnection to design new revenue streams and business models.
Technology will enable insurers to transcend their role as indemnifiers of risk, and deliver smarter services to customers hungry for information and services that improve their lives and wellbeing.
WATCH VIDEOHUMAN BEHAVIOUR
Always-on technology has led to a distinct shift toward always-on customer service, with consumers increasingly expecting service to be smart, personalised and proactive.
As consumers and insurers alike adopt new technologies, there is potential for new, high-value interactions.
WATCH VIDEO READ BLOGEVOLVING BUSINESS MODELS
Traditional insurance business models are fast becoming obsolete in the new, hyperconnected world. Staying relevant means finding new ways to interact with customers and deliver value-added services.
Insurers must assess their strengths to find the most viable model for the future – focusing on using technology to generate new revenue streams and create high-value interactions.
WATCH VIDEO READ BLOGThis is not business as usual, and there are
multiple paths to success but fundamentally
insurers have to provide customers
with new types of value.
LATEST THINKING
The Future of Claims: Unlocking the Value of Video
How can new smart technologies help improve the claims management process? See how video-powered solutions are re-creating claims, improving the customer experience and driving competitive advantage for insurers.
DOWNLOAD WHITEPAPER
Transforming Commercial Property Insurance
Discover how the leaders in commercial property insurance are using the Internet of Things to evolve the service offering, reduce risk, and create partnerships that are collaborative, not just transactional.
Watch video to learn more
Insurance at the Intersection: Reinventing the Model, Repositioning the Brand
How can insurers take advantage of digital-first business models? We explore the challenges facing industry leaders and outline ways to create a competitive strategy—and follow through on it.
DOWNLOAD REPORT