A demanding future has been saved
A demanding future
The four trends that define insurance in 2020
The insurance industry stands on the precipice of profound change. And this disruption is not just digital. Demanding customers, new competitors and a changing set of challenges are transforming the insurance industry.
Through honest conversations with over 200 C-suite insurance executives throughout EMEA, we have worked with Financial Times Remark to identify and analyse four key insurance trends that will shape the future of the industry as we know it.
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- New world, new customers, new solutions
- A different roadmap for growth
- The negotiating table beckons
- Digital disruption – practical not theoretical
New world, new customers, new solutions
Customers’ needs, knowledge and expectations have expanded exponentially in the past decade. How can insurers adapt to their demands?
Customers are the disruptive force in the insurance industry. In an age of immediacy, constant change and overwhelming choice where loyalty is no longer a given, the industry has to extend beyond its core products and services if it is to retain its customer base.
A different roadmap for growth
Our research reveals growth will come from preventative, as well as protective approaches, with a range of new services and products. How will service-based strategies and innovative products change the insurance industry?
The traditional approach of selling protective products is nowhere near enough for the insurer of the future. Growth will come from new service-based models, innovative products and a greater focus on prevention.
The negotiating table beckons
In a highly competitive environment, executives acknowledge that organic growth will not be enough. How will the industry use M&A, equity partnerships and alliances to advance growth?
Incumbent firms can no longer rely on organic growth or internal innovation. The winners will be those that can forge alliances with innovative start-ups; ally with InsurTech; and consolidate with their peers. A rapidly changing industry will require unprecedented deal-making skills.
Digital disruption – practical not theoretical
Technological change is a given. But knowing about it and acting on it are very different propositions. How can insurers use technologies such as analytics, blockchain and cloud to their advantage?
Disruption from new technologies is a given. It wends its way through all other trends. But acknowledging it and acting on it are very different propositions. Insurance companies need to know how to deploy the right technology for the right purpose or they risk being left behind.
“New technologies and faster adoption of these by insurance companies is the key driving factor towards success and growth. There was doubt as to how it would merge with existing services, but the enhancements have been phenomenal. Customers are served more quickly by way of applications and multiple platforms.”
Head of Risk Management from Property and Casualty, Netherlands
For more information about the Insurance Trends 2019, please contact Marco Vet or Robert Collignon via the contact details below.