by Oliwia Berdak, Principal Analyst, Forrester Research Industry View from
Risk is a fact of life, and as long as it exists, people will want to protect themselves and the things they care about. But while insurance has a long history that will undoubtedly continue, insurance companies will need to reinvent themselves and innovate to survive the digital disruption that has ravaged the media, travel and retail industries, and is coming to insurance. Insurers have so far been shielded from digital disruption by an older demographic, boring products, underwriting expertise and regulatory requirements. But these barriers are starting to fall. Technology is rapidly changing customer behaviour, challenging existing underwriting models, and opening up new distribution opportunities. Technology is also upending insurers’ operations, automating manual processes and increasing workforce productivity, opening up new data sources and uncovering new insights from buried data. It’s also enabling new products and unlocking new revenue streams. As a result of these changes, in the next five to ten years we expect to see:
Are insurers ready for this wave of change? According to our data, some 73 per cent of insurance firms are either currently undergoing digital transformation or see themselves as in a constant state of digital transformation. But change is hard, and many insurance executives are citing security concerns, data issues, and the lack of the right skills as the main inhibitors. Leaders must step up to this challenge and help their companies transform.
Insurance was the stable, steady industry. Not anymore. To find out how Forrester can support your organisation click here.
About Forrester Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We work with business and technology leaders to develop customer-obsessed strategies that drive growth. Forrester’s unique insights are grounded in annual surveys of more than 675,000 consumers and business leaders worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative clients. Through proprietary research, data, custom consulting, exclusive executive peer groups, and events, the Forrester experience is about a singular and powerful purpose: to challenge the thinking of our clients to help them lead change in their organisations. Share on facebook Share on twitter Share on linkedin Share on email Related articles What’s next? Home Management Marketing Finance Technology Print Editions Campaigns Drive ContentVideo Media Kit Telegraph Microsites Breakfast Briefings Industry View Advertising Testimonials Privacy Policy Terms of UseLyonsdown Limited 29 Hendon Lane London, N3 1RT 020 8349 4363 info@lyonsdown.co.uk
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