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 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 trade. Now the questions are: How quickly will we reply if the tendencies proceed to speed up, decelerate or change totally? 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 creating resilient enterprise methods utilizing inputs from Accenture’s proprietary future situation modelling toolkit. The second weblog used sustainability to point out a high-level software of strategic resilient planning. This third weblog presents 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 aim is to point out 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 concerns that insurance coverage firms needs to 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 automobiles)
- Protected 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 regarded on the potential tendencies in every theme over the following three years, to 2025. From there, we analyzed completely 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 reveals over $120 billion in worth at stake throughout these themes by 2025. So, how do you seize that worth? To search 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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