Strategic Resilience: 4 Alternatives You Can’t Ignore In P&C | Insurance coverage Weblog
How do insurance coverage corporations construct strategically resilient enterprise fashions in an unpredictable future? To start out, the long run isn’t fully unpredictable. The impacts from most of the most talked about disruptors, together with telematics, local weather change, automation, AI-driven service fashions and plenty of extra, are proliferating via 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 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 software of strategic resilient planning. This third weblog provides a deeper whitepaper to investigate how the North American P&C trade could possibly be affected by a few of these key trade developments.
My aim 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 concerns 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 automobiles, electrical autos)
- Protected and resilient property (interconnected good properties, local weather resilience)
- Small industrial “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 completely different situations primarily based on the acceleration of these developments 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.
Get the most recent insurance coverage trade insights, information, and analysis delivered straight to your inbox.
