Remaining Customer-Centric and Data-Driven in an Era of Rapid Change
The days of your father’s insurance company, all wing tips and narrow ties, is long gone. Today, the entire industry is weathering a perfect storm of transformative forces.
Changing competitive pressures and the inexorable advance of technology are transforming the insurance industry at its core. Furthermore, the pace of technology change continues to accelerate as pressure to protect margins and defend against new competition rises.
As technology advances and customer needs evolve, insurers will find they must offer different products and services in order to survive. In this environment of fast-paced change, every insurer’s commitment to innovation must maintain a sense of urgency or risk becoming obsolete.
And while innovation is on every insurance executive’s mind, the combined pressures of competition and technological advancement are forcing organizations to become increasingly agile, reprioritizing their goals as the storm progresses.
For example, as insurance customers leverage new technologies like the Internet of Things, carriers must rapidly develop new types of insurance products and services to properly cover new technology-centric risks. Autonomous vehicles alone will transform personal insurance and product liability insurance offerings, as well as the business models that depend on them.
The Internet of Things, however, is but a drop in a surprisingly turbulent ocean. Because such changes are potentially so disruptive, insurance executives must put together comprehensive strategic plans for dealing with such change. Small efforts won’t suffice.
To remain competitive, business agility must become the primary strategic driver in the organization. Insurers must have the courage to completely reimagine the business of insurance – an end-to-end rethink of the business we call digital transformation.
Read the entire white paper at https://captricity.com/resources/weathering-the-insurance-perfect-storm/ (registration required).
Copyright © Intellyx LLC. Captricity (now Vidado) is an Intellyx client. Intellyx retains full editorial control over the content of this article.
