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 lots 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 utility of strategic resilient planning. This third weblog provides a deeper whitepaper to research how the North American P&C trade might be affected by a few of these key trade developments.
My aim 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 vehicles, electrical automobiles)
- Secure and resilient property (interconnected good houses, local weather resilience)
- Small industrial “digital attackers” (small enterprise options, technology-enabled direct distribution)
- Accelerating cyber demand (rising demand, rising authorities regulation)
We regarded on the potential tendencies in every theme over the following three years, to 2025. From there, we analyzed totally different eventualities primarily based 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 seek out out and uncover extra insights, register to learn our report, Strategic resilience: 4 alternatives you’ll be able to’t ignore in P&C insurance coverage.
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