How leading insurers are reinventing themselves as living businesses

Efma feature

12 September 2018

The winners and nominees in the third annual Efma-Accenture Innovation in Insurance Awards show how leading insurance organizations — innovative incumbent carriers and disruptive insurtechs alike—are reinventing themselves as ‘living businesses’ striving to deliver hyper-relevant services, products and solutions to their customers.

These organizations are using digital technologies—from artificial intelligence (AI) to the Internet of Things, advanced video analytics, API architecture and an increasing array of partnership models—to become part of their customers’ everyday lives. They are experts at change and evolution, rapidly reshaping themselves to keep pace with changing customer expectations and ever-faster cycles of technology-driven disruption.

Insurers that are living businesses show a deep and constantly growing understanding of their customers, and a corresponding commitment to understanding the evolution of risk. They deliver meaningful, personalized propositions at the times that matter. They recognize the potency of ecosystems. And they have the energy to keep pace with their customers, no matter how their needs evolve.

Insurance as a living business provides a framework for insurers to address the evolution of risk, bolster value-added services, generate new sustainable revenue streams, and give new markets access to their services in trustworthy, highly relevant ways. The time to look to this model is now, when digital disruption is putting the traditional business model under pressure and simultaneously creating exciting new opportunities.

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The companies that we highlight to illustrate these eight trends are among the industry leaders blazing a trail, leveraging new technology to capitalize on exciting new opportunities, driving revenue growth, and ensuring their significance in a fast-changing world. Becoming a living insurer is a daunting challenge, but there is little doubt that the future of insurance will belong to those companies that make this shift.

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Keywords : Insurance Products & Services , Innovation

Geography : International