How do insurance coverage firms construct strategically resilient enterprise fashions in an unpredictable future? To start out, the longer term isn’t totally unpredictable. The impacts from lots of the most talked about disruptors, together with telematics, local weather change, automation, AI-driven service fashions and plenty of extra, are proliferating by way of the insurance coverage business. Now the questions are: How quickly will we reply if the tendencies proceed to speed up, decelerate or change totally? What occurs to the business? 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 business.
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 software of strategic resilient planning. This third weblog provides a deeper whitepaper to investigate how the North American P&C business may very well be affected by a few of these key business developments.
My purpose is to indicate how the convergence of those tendencies 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 concerns that insurance coverage firms ought to be exploring.
To do that, we picked 4 main themes impacting the North American P&C business proper now:
- The altering face of mobility (ridesharing, interconnected automobiles, electrical autos)
- Protected and resilient property (interconnected good houses, local weather resilience)
- Small industrial “digital attackers” (small enterprise options, technology-enabled direct distribution)
- Accelerating cyber demand (rising demand, rising authorities regulation)
We regarded on the potential tendencies in every theme over the subsequent three years, to 2025. From there, we analyzed totally different situations primarily based on the acceleration of these tendencies 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’ll be able to’t ignore in P&C insurance coverage.
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