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Abstract

This IDC Taxonomy discusses how the insurance industry's digital mission is driven by the challenges posed to existing business models by the change in customers' and partners' expectations, technology innovations, regulatory demands, and sociopolitical and economic disruptions. The advent of semi-autonomous or autonomous vehicles, connected vehicles and homes, sharing and on-demand economies, and peer-to-peer insurance models are adding a new dimension to the competitive landscape.

"Despite numerous challenges, insurance organizations are progressing in their transformation journeys to cater to the requirements of an ever-evolving marketplace," said Sabitha Majukumar, senior research analyst, IDC Financial Insights. "They are striving to deliver contextual and value-centric insurance with a set of strategic priorities, programs that help meet the priorities, and use cases that help achieve the overall goals and objectives of the organization."


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