The traditional approach of selling protective products is nowhere near enough for the insurer of the future. Digital disruption and demanding customers mean that insurers need to innovate to stay relevant within their own industry.
We reveal how the insurance industry is searching for growth – be that through new service-based models, innovative products or a greater focus on prevention.
Remaining relevant through the digital transformation trends in insurance and demanding customers is a major challenge for the sector. To ensure a successful future the sector has increased service-based businesses and introduced new propositions - many of which were not available five years ago. Both are examples of generating growth and increasing revenue. When looking at new roadmaps for growth the industry should look to China, which has been identified as the fastest-growing market for insurance.
In chapter two we reveal how the industry is searching for growth through a different road map for growth.
The three drivers of growth
The foundations of the insurance industry are based on products that help protect customers from loss as a result of unexpected events. While this will always remain an element of what insurers do, we are currently seeing a technology-driven shift away from this traditional, largely reactive model to a more proactive approach which aims to merge established insurance conventions and technology.
What is going to have the biggest impact on the industry? Download the chapter two to read the three drivers are predicted to transform the industry.