How do insurance coverage firms construct strategically resilient enterprise fashions in an unpredictable future? To start out, the longer term isn’t solely unpredictable. The impacts from lots of the most talked about disruptors, together with telematics, local weather change, automation, AI-driven service fashions and lots of extra, are proliferating via the insurance coverage trade. Now the questions are: How quickly will we reply if the traits proceed to speed up, decelerate or change solely? What occurs to the trade? What ought to my firm do? How can we be ready? That’s the center of our new whitepaper on the North American P&C trade.
Within the first weblog of this collection, I outlined the worth of creating resilient enterprise methods utilizing inputs from Accenture’s proprietary future situation modelling toolkit. The second weblog used sustainability to indicate a high-level utility of strategic resilient planning. This third weblog gives a deeper whitepaper to research how the North American P&C trade may very well be affected by a few of these key trade developments.
My objective is to indicate how the convergence of those traits will create alternatives and dangers that may be assessed and quantified when it comes to their potential. These insights ought to assist body the important thing issues that insurance coverage firms ought to be exploring.
To do that, we picked 4 main themes impacting the North American P&C trade proper now:
- The altering face of mobility (ridesharing, interconnected vehicles, electrical automobiles)
- Secure and resilient property (interconnected good houses, local weather resilience)
- Small business “digital attackers” (small enterprise options, technology-enabled direct distribution)
- Accelerating cyber demand (rising demand, growing authorities regulation)
We appeared on the potential traits in every theme over the subsequent three years, to 2025. From there, we analyzed completely different situations primarily based on the acceleration of these traits to find out worth at stake (outlined as shifting or new premium {dollars}).
The beneath graph is a abstract of every theme we discover within the report. Collectively, our evaluation reveals over $120 billion in worth at stake throughout these themes by 2025. So, how do you seize that worth? To seek out out and uncover extra insights, register to learn our report, Strategic resilience: 4 alternatives you may’t ignore in P&C insurance coverage.
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