Insurance today is at a crossroads and faces perhaps its most significant strategic decision in decades. Thanks to rapid reliance on big data, algorithms, and artificial intelligence to analyze, process, underwrite, and pay claims, insurance will look very different in just 5–10 years than it does now.
Of course, the stakes are high. Insurers that fail to embrace a digital mindset risk missing out on the $1.6 trillion of value that next-generation insurance is set to create in the next three years. To better understand this expected realty, Cognizant recently conducted a thorough review of the latest trends, competitive threats, promising opportunities, and best ways for insurance executives to prepare a favorable response.