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How EY can help
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EY helps insurers adopt the right tech and retool experiences for stronger relationships with customers and distributors from crisis to recovery and growth.
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The innovation and growth opportunities are fueled by the pronounced shift from the industry’s traditional linear value chain to a dynamic value exchange. The inefficient processes and misaligned incentives of the past are gradually giving way to direct connections, real-time data feeds and new services (e.g., risk prevention).
In the immediate aftermath of the pandemic, many insurers moved boldly and quickly to automate core operations. Now insurers can build on that foundation with insight-generating and analytics-enabled capabilities required for future growth.
A rigorous focus on client needs and a clear purpose should inspire product and service innovation. Enhanced digital capabilities, increased organizational agility, and new talent across the enterprise will enable operational excellence and, ultimately, stronger financial results.
The following four focal points are imperative for tomorrow’s market leaders in the commercial and reinsurance markets.