How do insurance coverage corporations construct strategically resilient enterprise fashions in an unpredictable future? To start out, the longer term isn’t completely unpredictable. The impacts from most 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 business. Now the questions are: How quickly will we reply if the tendencies proceed to speed up, decelerate or change completely? 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 industry.
Within the first weblog of this collection, I outlined the worth of growing resilient enterprise methods utilizing inputs from Accenture’s proprietary future state of affairs 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 business could possibly 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 by way of 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 business proper now:
- The altering face of mobility (ridesharing, interconnected automobiles, electrical autos)
- Secure 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, rising authorities regulation)
We appeared on the potential tendencies in every theme over the following three years, to 2025. From there, we analyzed totally different eventualities based mostly 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 exhibits 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 read our report, Strategic resilience: 4 opportunities you can’t ignore in P&C insurance.
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