The future for today’s insurance companies
Changing consumer tastes, faster access to information, increasing regulation and ever-evolving technology trends are all disrupting the typical business model for insurance industry incumbents. For an industry that works entirely on monitoring risk through timely access to accurate data, it’s arguably never been a better time to be in the insurance sector – at least for a company that can change when they need to. To realise this potential, incumbents have to be ready to adapt. In doing so, they have a chance to lead the charge and disrupt themselves by providing more relevant, technology-enabled and data-driven products and services. If they don’t, someone else is likely to.