How do insurance coverage corporations construct strategically resilient enterprise fashions in an unpredictable future? To begin, the longer term isn’t fully 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 by means of the insurance coverage trade. Now the questions are: How quickly will we reply if the developments proceed to speed up, decelerate or change fully? 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.
In the primary weblog of this collection, I outlined the worth of growing 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 provides a deeper whitepaper to research how the North American P&C trade could possibly be affected by a few of these key trade developments.
My objective is to indicate how the convergence of those developments 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 corporations must 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 autos)
- Safe and resilient property (interconnected sensible properties, local weather resilience)
- Small business “digital attackers” (small enterprise options, technology-enabled direct distribution)
- Accelerating cyber demand (rising demand, growing authorities regulation)
We seemed on the potential developments in every theme over the following three years, to 2025. From there, we analyzed totally different eventualities primarily based on the acceleration of these developments to find out worth at stake (outlined as shifting or new premium {dollars}).
The under graph is a abstract of every theme we discover within the report. Together, our evaluation exhibits over $120 billion in worth at stake throughout these themes by 2025. So, how do you seize that worth? To discover 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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