The insurance industry has been traditionally slow to adopt new technologies compared with its retail or banking counterparts. Risk-averse cultures and heavy regulatory scrutiny have contributed a lot to this attitude. However, we observe a change in both the life and property and casualty (P&C) insurers as a result of hyper-competition and the emergence of niche players, compressed margins and volatile underwriting results, the need to overhaul archaic systems and legacy operating environments, intensified consumer requirements for personalized products and services and 24 x 7 x 365 omni-experience touch points, and the introduction of disruptive digital technologies. Insurers understand that they need to transform and become more attuned to this rapidly changing world — an evolution process that requires them to be entrepreneurial, agile organizations that respond even quicker to both opportunities and threats and can wholeheartedly embrace both positive changes and challenging disruptions. This includes making strategic, tactical, and technological investments to enhance operational flexibility and business process optimization; innovate product development and pricing; improve speed to market to stay competitive, adaptable, and dynamic; keep pace with new technology pillars such as Big Data and analytical applications, cloud computing, mobility strategies, and social media developments to redesign their engagement strategies; and adopt a more disciplined approach to innovation and risk management. They realize that they cannot afford to wait for the perfect strategy to kick-start their digital transformation initiatives. To stay relevant and remain competitive, the need of the hour is for insurers to build and deploy new capabilities while also tackling the existing barriers for transformation.
The Worldwide Insurance Strategies advisory service provides clients with insightful information and analysis of global insurance trends and coverage of current and emerging technologies for the life and annuity, accident and health, and personal and commercial property and casualty insurance markets. It also offers timely, strategic, and actionable business IT and application advice to guide our clients as they undertake investment decisions, plan for future technology needs, and benchmark themselves against competitors. Our research advisory service provides ongoing research reports, analyst access, and admission to content-rich conferences and Webcasts.
Throughout the year, this service will address the following topics:
- Digital transformation and the applicability of technology pillars such as Big Data, cloud, mobile, and social media in the insurance industry
- Customer centricity and the investment into omni-experience marketing, sales, and services
- The impact of the Internet of Things, drones, driverless cars, cognitive computing, block chain, and smart contracts on the industry
- Growth opportunities in an increasingly borderless, digital, and connected marketplace through product and service innovation
- Emerging risks, such as cyber-risks and the impact on regulatory and compliance landscape
Our research addresses the following issues that are critical to your success:
- How are insurers sourcing their business applications and digitally transforming their organizations, and which are the emerging technology firms supporting the insurance industry?
- How are insurers using analytics and the Internet of Things to make better-informed decisions or manage their risks?
- What are the business implications of changing demographics on marketing and distribution, customer service, and product development?
- What are the technology implications for insurers of shifts in market, competitive, and regulatory environments?
- What are the strategic and operational implications of the impact of IT on the insurance industry: its structure, leadership, organizations, customers, sales channels, worksource, data, and products?
- What are the implications of the changing market and competitive dynamics of technology vendors and insurtech start-ups that support — or want to support — the insurance industry?
The Worldwide Insurance Strategies advisory service provides C-level executives and divisional heads within insurers and diversified financial institutions as well as insurance technology vendors and consultants with strategic advice and timely data. Our continual interaction with our clients assists them in making better-informed decisions to improve competitiveness and operations.