How do insurance coverage firms construct strategically resilient enterprise fashions in an unpredictable future? To begin, the longer term isn’t completely unpredictable. The impacts from lots of the most talked about disruptors, together with telematics, local weather change, automation, AI-driven service fashions and plenty of extra, are proliferating by way of the insurance coverage trade. Now the questions are: How quickly will we reply if the tendencies proceed to speed up, decelerate or change completely? What occurs to the trade? What ought to my firm do? How can we be ready? That’s the guts of our new whitepaper on the North American P&C trade.
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 affords a deeper whitepaper to research how the North American P&C trade might be affected by a few of these key trade 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 firms 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 automobiles)
- Secure and resilient property (interconnected good houses, local weather resilience)
- Small business “digital attackers” (small enterprise options, technology-enabled direct distribution)
- Accelerating cyber demand (rising demand, rising authorities regulation)
We seemed on the potential tendencies in every theme over the subsequent 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 exhibits 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 learn our report, Strategic resilience: 4 alternatives you possibly can’t ignore in P&C insurance coverage.
Get the most recent insurance coverage trade insights, information, and analysis delivered straight to your inbox.