Where do insurers stand as they enter 2019?
In Deloitte's 2019 report, this question is explored, among many more, regarding how the insurance industry must transform to adapt to the ever-evolving innovation in a growing economy.
Focusing on a few key areas, the report covers the technology trends, such as the cloud and blockchain that insurers will need to leverage; the future of work with the increasing use of automation; the opportunity for flexible policies with developing products with the Internet of Things (IOT) and InsurTech; the increased trends of mergers and acquisitions in the industry sectors; regulatory trends focusing on market conduct more than solvency; expansion of regulations globally against cyber risks; data privacy posing an issue for insurers; and how the tax reform may pose early positives, but an uncertain long-term impact.
The publication ends with a prediction that the "winners in the race" to be the future's successful insurer will be "those who understand how to change" and harness an agile attitude in an evolving economy and society:
A key element will likely be agility, determined by an insurer's ability to take advantage of new technology and data sets, design services and solutions rather than products, transform its operating platforms through collaborative initiatives and ecosystems, and do so in a pragmatic and material way. This evolution won't reach fruition overnight, but it is already well underway. The race is on.
Read the full report here.
01 Jan 2019