1. What Does the Future Hold for
Insurance?
Jonathan Kalman
President of Insurance Solutions

2. Predictions
for Insurance in 2024

4. #1
Customer Centricity will be the
dominant strategy for insurers.

5. Key Take Away:
New business processes will
need to be designed,
implemented and adapted.

6. #2
Customer Expectations
are high and getting higher.

7. Key Take Away:
Design from the customer’s
perspective, and design for
flexibility.

8. #3
Risk Management methods will
shift from an aggregated view to a
transaction or unit economics level.

9. Key Take Away:
Risk managers will demand
operational, financial and transaction
data at their fingertips.

10. #4
Market volatility will continue
unabated, creating investment
opportunity and placing increased
pressure on earnings.

11. Key Take Away:
Operational Performance will be
under a microscope, putting pressure
across all functional areas.

12. #5
Fraudulent behavior will continue to
evolve and become more
sophisticated affecting all insurance
products.

13. Key Take Away:
Fraud processes will require constant
vigilance and adaptation, and will
push into underwriting (and earlier).

14. #6
The pace of industry consolidation
will accelerate.

15. Key Take Away:
The ability to consolidate systems
and processes will be a critical core
competency.

16. #7
Carriers using analytics at the
center of their business strategy
will outperform their peers.

17. Key Take Away:
Underinvesting in analytics (and
data) will come at a great cost.

18. #8
Digital Channels will dominate all
customer acquisition and servicing.

19. Key Take Away:
A unified, seamless customer
engagement interface will be a “must
have” versus a “nice to have.”

20. #9
The window of enjoying enhanced
margins on a given insurance product
will shorten as new technologies
emerge.

21. Key Take Away:
Getting insurance products to market
faster and more effectively demands
product agility and streamlined
processes.

22. #10
The pace of disintermediation will
increase and accelerate.

23. Key Take Away:
Technologies and processes must
combine to increase customer
loyalty and prevent defection.

24. #11
New entrants will be emboldened
as barriers to entry drop.

25. Key Take Away:
Look at non-traditional companies
when benchmarking performance.

26. #12
Niche markets will continue to
offer higher margins.

27. Key Take Away:
Companies will design processes,
people and technology around
“Speed to Market.”

28. #13
Internet of Things (smart devices,
telematics, wearables, etc.) will
open up tons of opportunities for
new insurance products.

29. Key Take Away:
Keeping the pulse on Silicon
Valley’s investment trends is smart
business.

30. Bonus Prediction:
To compete, insurance carriers will
need top talent.

31. Conclusion:
What will your company look like
in 2024?