18 Jun 2018
3 mins read
A recent survey by PwC reveals that insurance leaders foresee a major turnover at the top of the insurance Industry. 35% of insurers think that ‘the industry landscape will largely stay the same, but players will change substantially in the coming decade.’ Additionally, 44% believe that ‘most existing insurers will not survive, at least in their current form.’ This means that insurers need to work hard to drastically change their current form, to survive and even grow exponentially.
A holistic approach needs to be formulated through the following:
Insurer will soon be under intense pressure as they will be underwriting new risks, for which historical loss data will not be available. They will also not have the benefit to manage their risks through probability of large numbers, as adoption by consumers will be fast and so will be the evolution of newer risks. This may increase loss and place a financial burden on insurers who usually struggle to make underwriting profits and maintain solvency.
IT services industry is providing ‘Going Digital’ as one of the solutions to this problem of coping with the changing and fast-paced insurance industry. Today there is no insurer who has fallen short of adopting ‘a digital path’ to sustain and grow. Though digital is not the only solution, it does provide a strong foundation for insurers to achieve their objective of improving customer experience, profits and reducing expenses.
Let us see what ‘Going Digital’ in insurance is all about:
Happy to learn more from you and share my experiences in this area, over couple of years.
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