What’s your fThe stability that insurers have long relied on for predictable risk pricing and consistent growth is disappearing. There’s been a succession of short-term crises so far this century. In the past three years alone, the world has experienced a pandemic, sometimes violent political unrest, severe supply chain disruptions, global conflict, high inflation and multiple historically extreme weather events. Only 20 years ago, most of these events would have seemed unlikely – for all of them to occur simultaneously, almost unthinkable.uture?STEEP factors’ enduring impact on insurersThese short-term crises are part of longer-term trends. In the recent past, we referred to five factors that profoundly affect the insurance industry: social, technological, economic, environmental, and political (STEEP). Their impact is only increasing. If anything, social instability, technological disruption, demographic shifts and climate change are leading to a fractured world in which insurers have to cover a greater array and frequency of intensifying risks.In turn, these developments have resulted in major changes to the very fabric of the industry.
Market reconfigurationThe increasing growth of digital channels and wider distribution points via partnerships and embedded options are disintermediating markets. Policy options and access are only increasing and barriers to entry are easing, challenging established carrier primacy.The spectrum of changeWhile determining the best ways to grow, attract customers and operate more economically and efficiently, most insurers will exhibit various traits across this spectrum. However, the companies that most effectively cope with disruption will be ones that reinvent themselves by focusing intently on the customer.As they grapple with these challenges, we see four likely ways carriers will respond.
dical reinventionRide the wave or drown in itSite SearchHomeIndustriesFinancial servicesPublicationsNext in insurance 2030Insurance 2030What’s your future?The stability that insurers have long relied on for predictable risk pricing and consistent growth is disappearing. There’s been a succession of short-term crises so far this century. In the past three years alone, the world has experienced a pandemic, sometimes violent political unrest, severe supply chain disruptions, global conflict, high inflation and multiple historically extreme weather events. Only 20 years ago, most of these events would have seemed unlikely – for all of them to occur simultaneously, almost unthinkable.intro imageSTEEP factors’ enduring impact on insurersThese short-term crises are part of longer-term trends. In the recent past, we referred to five factors that profoundly affect the insurance industry: social, technological, economic, environmental, and political (STEEP). Their impact is only increasing. If anything, social instability, technological disruption, demographic shifts and climate change are leading to a fractured world in which insurers have to cover a greater array and frequency of intensifying risks.In turn, these developments have resulted in major changes to the very fabric of the industry.Market reconfigurationOperational disruptionTechnological reinventionEnvironmental and social destructiondecorative imageMarket reconfigurationThe increasing growth of digital channels and wider distribution points via partnerships and embedded options are disintermediating markets. Policy options and access are only increasing and barriers to entry are easing, challenging established carrier primacy.The spectrum of changeWhile determining the best ways to grow, attract customers and operate more economically and efficiently, most insurers will exhibit various traits across this spectrum. However, the companies that most effectively cope with disruption will be ones that reinvent themselves by focusing intently on the customer.As they grapple with these challenges, we see four likely ways carriers will respond.Spectrum of change1. Incremental changeThis is the current and historic baseline scenario for most carriers. They’re adapting, usually in pockets and reactively, even though STEEP developments challenge many of their attempts to keep up.Strategy and investment choices limit growthModernizes and enhances some key operational (e.g., claims) and customer service areas (e.g., autopay and self-service options) but often lacks an enterprise-wide vision how cloud/digital transformation can enhance the wider business and operationsDefends or takes market share in and enhances brand with targeted segments, typically by competing on priceRefines loss mitigation and prevention at the marginsLowers expenses typically through short-term cost-cuttingIs slow to use data to drive better service experiencesStrategy often lacks full funding and consistent C-suite supportThis reflects the industry’s traditionally cautious approach to change. There’s been progress from just a few years ago but still limited effort to develop strengths and satisfy customer expectations. In this scenario, data analytics, digital and automated channel development, and ecosystem involvement are undifferentiated from most competitors. Directly related, IT — both assets and people —is primarily a maintenance function, not a strategic resource that can help define and create a company’s future.Moreover, while products meet basic statutory coverage requirements, “standard” life and retirement goals and benefits needs, such indistinctness increases vulnerability to competitors who do a better job proactively helping their customers with better service and innovative products.
coverage options, with explanations why each might be desirable. And because of recent spikes in sports memorabilia value, Dave opts for some riders to his policy — options his previous carrier never mentioned — to increase his protection.Dave’s new carrier has made switching a no-brainer. From ease of research to pricing to completing purchase and then post-transaction support, his experience has been much more relevant to his business than anything he’s experienced before.
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