Changing Insurance for the Digital Age
Players across the range of insurance industry segments are being confronted with deep-seated change in consumer behaviour, employee expectations, rapidly evolving technology and a quickening of the business environment. Opportunities will increasingly need to be ‘discovered’ since technology alone does not constitute a strategy nor is it plug and play in the sense that a new tech overlay cannot compensate for a fundamental legacy infrastructure – whether mindset, technology or organisational.
Change is being forced on insurers, whether they like it or not as several of the orthodoxies traditionally underpinning the industry are challenged and disrupted. Consumer expectations are increasingly being set in unrelated or adjacent industries, technologies allow start-ups to compete using customer-centricity as opposed to tradition as their value offering, whilst a new insurance paradigm is being crafted regardless of whether incumbents choose, or are able, to play in this area.