Insight

Insurance industry transformation

"In a rapidly changing market place innovation, new technologies and digital customer interactions are leading to increasing risks and driving new business models in the industry. To thrive through this environment, companies must understand how these changes will impact them and develop clear strategies to evolve and win."

Are you ready for the insurance industry transformation?

 

The U.S. Insurance industry is facing unprecedented change. In a rapidly changing market place innovation, new technologies and digital customer interactions are leading to increasing risks and driving new business models in the industry.

To thrive through this environment, companies must understand how these changes will impact them and develop clear strategies to evolve and win.

There are five things that insurance companies can do to compete and win as the industry transforms.

  •  Develop their own view of when and how technology will impact their companies
  • Develop new strategies to thrive as the industry transforms
  • Leverage new technologies in their current business as appropriate
  • Mitigate key risks by investing in cyber-security and experimenting with new  business models
  • Decide what role they will play in industry consolidation