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For years, commercial insurers and reinsurers have been contending with the powerful forces that will reshape the industry during the decade ahead, including changing customer expectations, ongoing tech-driven disruption, and competition from new and nontraditional players.
In this report, the EY team explores these trends and drivers while highlighting the most promising areas for innovation and dramatic growth opportunities.
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This report provides insights into the four focal points that insurers should keep on their agendas, including:
- Product and service innovation
- Expanded digitization and automation
- Ecosystem investment
- Talent development
It will be an exciting time for insurers, especially those that can accelerate the pace of innovation and expand the scope of change.
Traditionally, the commercial insurance and reinsurance value chain has been highly linear, with dependent relationships among key stakeholders and many manual and duplicative activities that didn’t necessarily add value for end customers.
Today, however, the value chain is evolving into a more dynamic, efficient and data-driven exchange that delivers greater benefits for customers and contributes to top-line growth and profitability gains for insurers. This transformation will liberate market participants to transcend rigid roles, collaborate more freely and deliver more value to customers.
Insurance executives are naturally curious about which business models of the future are best suited to their organizations – and how much transformation will be necessary to fulfill the vision. No matter the vision, commercial and reinsurance leaders should consider three steps to successful transformation:
- Baseline the organization today and define the future strategy and objectives
- Deliver “prerequisites” for winning
- Invest in core enabling capabilities
Companies can realize improved profitability and enhanced customer outcomes by embracing innovation. Such an approach is necessary to seize the opportunity presented by new and emerging risks and changing customer preferences, and to successfully navigate shifting regulatory requirements.
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