Sweeping changes across consumer behavior, technology innovations and big data are reshaping traditional insurance business models and what it takes to compete. The most successful insurers are the ones that will proactively adapt their game plan to the evolving environment and rules of competition. This piece explores three strategies to better position insurers for the future.
Carriers have historically been backwards-focused and have tended to maintain established processes without question. They also have the propensity to be risk-averse. These characteristics need to change. Carriers must be willing to try new things without betting the ranch or subjecting the company to undue risk.
Insurers are accelerating the shift to a radically different distribution model, where digital plays an increasingly important role in the majority of interactions and agents’ efforts are refocused to add more value. Only one out of five carriers reject this model. The most disruptive distribution innovation is
the Internet of Things (IoT) which, among other things, is driving insurance beyond indemnification to real-time protection.
Chain Reaction: How Blockchain Technology Might Transform Wholesale InsurancePwC
With the goal to identify where blockchain technologies have the greatest potential, this research report sponsored by PwC and conducted by Z/Yen, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market.
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
The traditional business model for insurance, though still a tremendous source of revenue, is becoming less sustainable in the long term due largely to the rapid innovation that the Internet of Things is driving throughout the economy. Yet, in the midst of this disruption there is opportunity. Insurers will need to dramatically reshape their business model, combining insurance with technology, ecosystem services and partners.
Carriers have historically been backwards-focused and have tended to maintain established processes without question. They also have the propensity to be risk-averse. These characteristics need to change. Carriers must be willing to try new things without betting the ranch or subjecting the company to undue risk.
Insurers are accelerating the shift to a radically different distribution model, where digital plays an increasingly important role in the majority of interactions and agents’ efforts are refocused to add more value. Only one out of five carriers reject this model. The most disruptive distribution innovation is
the Internet of Things (IoT) which, among other things, is driving insurance beyond indemnification to real-time protection.
Chain Reaction: How Blockchain Technology Might Transform Wholesale InsurancePwC
With the goal to identify where blockchain technologies have the greatest potential, this research report sponsored by PwC and conducted by Z/Yen, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market.
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
The traditional business model for insurance, though still a tremendous source of revenue, is becoming less sustainable in the long term due largely to the rapid innovation that the Internet of Things is driving throughout the economy. Yet, in the midst of this disruption there is opportunity. Insurers will need to dramatically reshape their business model, combining insurance with technology, ecosystem services and partners.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
Customer Experience Transformation In Insurance Vizolution
Customer experience in today’s insurance companies at best, is broken. However there is no doubt that it is on the agenda. Download our white paper and learn why customer experience can deliver a long term competitive advantage for your business. Visit www.vizolution.co.uk/insurancewhitepaper for your complimentary download.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
How Life & Annuity Companies Can Embrace Modern Platforms to Boost Direct-to-...Cognizant
Life and annuity (L&A) insurers seeking to enhance their direct-to-consumer reach should first simplify operations using modern, hosted, rules-based platforms, and deploy the panoply of digital tools and services and work with insurtechs when suitable.
Insurers are upgrading their technology to support more complex
products, lower operating costs, and get closer to their customers.
But they can do more harm than good when they make changes
that alienate their independent agents. We’ve identified five steps
that can help insurers engage agents early and create a
transition plan that meets agents’ needs—converting these
important stakeholders into enthusiastic advocates.
Vantageagora provides Insurance underwriting solutions, where we enable insurers to quickly and easily deploy intelligent automated processes that drive efficiency, consistency, and compliance across the enterprise With insurance underwriting software.
As our industry evolves increasingly faster, sustaining an existing (or winning an even larger) share of the $30 trillion insurance servicing opportunity requires using an integrated approach to business transformation.
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
Driverless Cars: Time for Insurers to Shift GearsCognizant
Insurers need to gear up now to prepare for the huge changes under way with the advent of driverless (autonomous) cars. Taking into considerations factors such as cost, safety, regulations and car longevity, we assess the multi-tiered impact on insurance coverages, pricing, underwriting and claims management for the different phases of driverless car evolution and adoption.
Global trends in life insurance policy administration and underwritingCapgemini
While gross written premiums are starting to recover from the declines at the height of the financial crisis, insurance companies are still finding growth is weak overall— especially in industrialized markets. To protect and grow profits in this environment, insurers are focusing on capturing efficiencies, especially in the policy administration and underwriting area.
This paper explores key trends for life insurers including: increased use of business process outsourcing for closed book operations; the increased adoption of self-service for policy servicing; and the enhanced use of business intelligence analytics for underwriting.
Insurance at the Intersection: Reinventing the Model, Repositioning the BrandCognizant
Insurers that can embrace the changing environment by redesigning their operating models and reinventing their business will be the most successful industry players of the future.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
Customer Experience Transformation In Insurance Vizolution
Customer experience in today’s insurance companies at best, is broken. However there is no doubt that it is on the agenda. Download our white paper and learn why customer experience can deliver a long term competitive advantage for your business. Visit www.vizolution.co.uk/insurancewhitepaper for your complimentary download.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
How Life & Annuity Companies Can Embrace Modern Platforms to Boost Direct-to-...Cognizant
Life and annuity (L&A) insurers seeking to enhance their direct-to-consumer reach should first simplify operations using modern, hosted, rules-based platforms, and deploy the panoply of digital tools and services and work with insurtechs when suitable.
Insurers are upgrading their technology to support more complex
products, lower operating costs, and get closer to their customers.
But they can do more harm than good when they make changes
that alienate their independent agents. We’ve identified five steps
that can help insurers engage agents early and create a
transition plan that meets agents’ needs—converting these
important stakeholders into enthusiastic advocates.
Vantageagora provides Insurance underwriting solutions, where we enable insurers to quickly and easily deploy intelligent automated processes that drive efficiency, consistency, and compliance across the enterprise With insurance underwriting software.
As our industry evolves increasingly faster, sustaining an existing (or winning an even larger) share of the $30 trillion insurance servicing opportunity requires using an integrated approach to business transformation.
Despite having been one of the first industries to use data processing on a large scale, insurers have acquired a reputation of lagging technologically over the past decades. However, recent innovations around Big Data and analytics allow insurers to reassert themselves as leaders.
To gain greater insight into future changes in the insurance industry, the EIU surveyed over 300 executives at life and property/casualty insurers.
Driverless Cars: Time for Insurers to Shift GearsCognizant
Insurers need to gear up now to prepare for the huge changes under way with the advent of driverless (autonomous) cars. Taking into considerations factors such as cost, safety, regulations and car longevity, we assess the multi-tiered impact on insurance coverages, pricing, underwriting and claims management for the different phases of driverless car evolution and adoption.
Global trends in life insurance policy administration and underwritingCapgemini
While gross written premiums are starting to recover from the declines at the height of the financial crisis, insurance companies are still finding growth is weak overall— especially in industrialized markets. To protect and grow profits in this environment, insurers are focusing on capturing efficiencies, especially in the policy administration and underwriting area.
This paper explores key trends for life insurers including: increased use of business process outsourcing for closed book operations; the increased adoption of self-service for policy servicing; and the enhanced use of business intelligence analytics for underwriting.
Insurance at the Intersection: Reinventing the Model, Repositioning the BrandCognizant
Insurers that can embrace the changing environment by redesigning their operating models and reinventing their business will be the most successful industry players of the future.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
Reshaping Underwriting Landscape With Focussing On CX – WhitepaperIndusNetMarketing
80% of customers lost interest in buying life insurance due to the poor underwriting process. These top 3 strategic solutions are imperative to enhance CX.
Cloud Enabled Transformation In InsuranceCapgemini
Immature capabilities and growing market disruptors are compelling insurers to act swiftly and become fully customer centric. According to the World Insurance Report 2015 less than 30% of customers are having positive customer experiences globally forcing Insurers to reinvent their ability to deliver positive customer experience across the entire customer journey.
Capgemini's ACEs (All Channel Experience) for Insurance is built on Salesforce the leading CRM platform to help insurers improve their core capabilities and enrich customer experiences regardless of customer channel or device preferences.
Find out how Cloud-Enabled Transformation in Insurance from Capgemini and Salesforce is a faster and less disruptive way for insurers to rapidly evolve digital capabilities to achieve customer experiences that leave your customers wanting more!
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
2014 Property & Casualty Insurance Industry Outlook: Innovation leading the wayDeloitte United States
On the surface the property and casualty sector appears to be doing quite well, but running an insurance carrier is rarely smooth sailing. The last few years have been particularly difficult for those occupying C-Suite positions, as more fundamental issues are threatening not only short-term results on their balance sheets, but challenging the long-term viability of their operating models as well.
For example, a growing number of insurers are facing significant organizational disruption. Many have made large-scale investments in technology, replacing core systems for claims, policy administration and finance. Their chief challenge now is how to effectively leverage the new systems they’ve put in place and maintain their momentum with additional innovations in personnel, products and culture.
Additionally, ongoing political gridlock in Washington could undermine an already unsteady economic recovery. Not to mention regulatory uncertainty that makes it difficult for carriers to plan ahead and determine operational priorities.
Innovation may ultimately be the key to keep insurers growing regardless of shifting economic and insurance market conditions, as they devise ways to thwart ongoing and emerging competitive threats as well as capitalize on new opportunities.
For more - visit http://www.deloitte.com/view/en_US/us/Industries/Insurance-Financial-Services/039bdd0819e23410VgnVCM3000003456f70aRCRD.htm
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Vast new data streams create opportunities for insurers to identify and act upon hidden insights, but they also open the door for new business models and competitors.
Data-driven insights make it possible to create new products and new revenue streams, typically in partnership with players from outside the industry.
Harnessing external data is a complex undertaking, but insurers can start by developing a comprehensive plan and then undertaking specific, high-return initiatives that build momentum and help transform the enterprise into a winning competitor in the new digital arena.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Learn how external insurance data and analytics is changing everything, from pricing risk to interacting with customers. Read more: https://www.accenture.com/us-en/insight-harnessing-external-data-stream
Modernizing the Insurance Value Chain: Top Three Digital ImperativesCognizant
As nontraditional companies enter the insurance scene and insurtechs launch novel products, incumbents need to accelerate innovation and differentiate the customer journey to remain in the game. Here are three strategies to achieve these goals, with a brief look at a few companies well on their way.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
Learn how the shift of back office systems to new cloud-based digital platforms is transforming how insurance and other financial products are administered and customers are handled.
A presentation a friend and I worked on while brainstorming ideas for a technology startup. Our objective was to explore opportunities in industries we're familiar with and industries we believe are ripe for disruption. The presentation lays out key industry metrics and profiles successful companies (somewhat startup-focused) within each industry.
Insurers are continuing to face marked changes in what customers expect in terms of products and service, how they obtain and utilize the information that informs business decisions, and their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage..
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Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
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Accenture's report explains how natural language processing and machine learning makes extracting valuable insights from unstructured data fast. Read more. https://www.accenture.com/us-en/insights/digital/unlocking-value-unstructured-data
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
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Stand on the Sidelines, or Boost Competitiveness? How to Make Bold Moves on the New Insurance Playing Field
1. Stand on the
Sidelines, or Boost
Competitiveness?
How to Make Bold Moves
on the New Insurance
Playing Field
By Ravi Malhotra
2. 2
The insurance playing field will look dramatically
different in a digitally connected future. Sweeping
changes across consumer behavior, technology
innovations and big data are reshaping traditional
insurance business models and what it takes to
compete. Disruption is happening at unprecedented
speed and the winners of tomorrow are the ones
that will adapt proactively as the playing field and
rules of competition evolve.
Key trends are forcing traditional insurers
to change the way they compete to win:
Changing consumer behaviors and expectations,
technology innovation and an unprecedented
data explosion.
These changes will have a profound impact
on the insurance industry – not only in how
carriers interact with consumers, but also
on the overall industry structure, economics
and the face of competition.
Shrinking profit pools
Revenue sources and margins will be threatened
in the medium term (5-10 years). For example,
advances in telematics, the emergence of
driverless/smart cars and connected homes will
reduce claims frequency and severity and,
consequently, premiums. Furthermore, as the
sharing economy continues to take hold, there
will be fewer individually owned cars to insure.
New risks and changing risk curves
A digitally connected future will spur
the need for new products, services and
approaches to pricing risks (e.g. continuous
underwriting as risk profiles change).
New hybrid insurance products
& services
These, such as risk monitoring, allow insurers
to move closer to their customers in a role of
“proactive protection provider” instead of their
current position as a “reactive accident
compensator.” But they need to move quickly
as others will try to step into this role.
Shifting competitive landscape
New entrants will continue to brazenly test
industry assumptions. In the near future,
all roles in the current insurance value chain
will be contested by existing players as well
as a variety of new players.
The game changers
3. 3
Stakes are high
The value at stake is substantial as erosion
of the traditional insurance business will make
it challenging for insurers to maintain their
existing revenue and margins. However, the true
value at stake is not just about capturing
a disproportionate share of a declining business,
it is also about seizing emerging opportunities
as disruption shakes the industry.
In considering their strategy, insurers need
to weigh both what they stand to lose from
their existing business and the opportunity
potential they will miss out on if they fail
to respond. The pace of change will continue
to quicken, so carriers need to move at speed
to protect their current profit pools and
capture new opportunities.
According to Accenture research, many carriers
anticipate these market shifts. Forty-four percent
of insurers believe that new competitors from
outside of the industry will take 2-5 percent
of market share in the next three years, with
10 percent expecting them to gain between
5-10 percent in market share. Many also expect
substantial premium income from digital
initiatives and connected insurance products.1
Alternative revenue sources,
such as data and analytics
utility services
New premium growth
through digital business models
Lower premium volumes:
Increased competition from
new players
New risks (e.g. cyber) and hybrid
product/services (e.g. insurance
and risk monitoring)
Improved combined ratio:
Loss mitigation, expense reduction
through digital operations
Reduced risk pools:
Erosion of traditional revenue
sources and changing risk curves
Margin pressures:
Digital low-cost competition
and price comparison
Figure 1. Value at stake
Value @ Stake
15 - 30% premium
25 - 50% profits
Digital transformation and ecosystem positioning
are required to capture value from new opportunities
Disruption puts pressure on revenue and profit –
decline will persist for carriers that do not adapt
New revenue pools and cost structure
improvement opportunities
Reduced traditional revenue pools
and lower profits
4. Three ways to step up your game
Surprisingly, few insurers have a game plan
to protect and capture value, even though
75 percent of them expect digital to have
a major impact on the entire insurance value
chain within five years. Only 47 percent have
a digital strategy that covers the entire value
chain, while 59 percent describe their digital
investments as exploratory.2
No single move will guarantee competitiveness
or define the future for insurers, but there are
definitive actions that better position insurers
for the future.
1. Bolster your defense
As traditional profit pools decline and the
business models of today lose their competitive
edge, it is a must for insurers to protect the
current core. This will require quick responses
to consumer and technology trends, as well as
the competitive threats from existing and new
players. Each situation will be different,
but these are some of the actions that can
protect the core:
• Move to integrated and flexible transactional
systems – begin transitioning to the cloud.
• Digitize front-office and back-office functions
to improve the customer experience while
creating operational efficiencies.
• Expand direct-to-consumer digital
interactions and extend digital to other
channels (e.g. agents).
• Set a data structure and operating model that
allow you to capture insights from rapidly
expanding data sources.
4
5. 2. Get on the offense
Customer needs are defined by desired
outcomes— not by products—so look for ways
to expand insurance offerings to deliver those
outcomes. In doing so, consider:
• What is your value proposition, and is it
different from others in this space?
• Can your business find new opportunities
from emerging risks, such as cyber threats,
connected homes and connected cars?
• Do new technology innovations (e.g. telematics,
contextual and usage-based offerings)
present opportunities to expand offerings,
either on their own or as integrated solutions?
• How can you capitalize on customers’
willingness to provide personal information
in exchange for lower premiums or more
personalized products and services?
In other industries where revenue pools were
under threat, businesses are successfully
expanding the product mix to connect with and
appeal to customers in new ways. The media and
entertainment industry has multiple examples
where existing players have made bold moves
to expand their offerings and position in the
industry value chain. For instance, Netflix made
the move to produce original content and the
Disney Movie Anywhere partnership with Apple
allowed Disney to expand its offerings with
digital movies.
So how could carriers think about expanding
their solutions? The “protection game board”
framework below illustrates various options
for broadening current insurance solutions.
These expansion opportunities offer substantial
potential for carriers. However, many will require
effective partnerships with other companies to
capture value from them, especially as carriers
expand their model to provide broader lifestyle
services through a digitally connected model.
Figure 2. Protection game board:
How to expand in a digitally connected future
Value-Adding and Lifestyle Services
Services that meet a broader set
of customer needs
Embedded, On-Demand Protection
Protection services embedded in core
product and designed for instant /
proactive risk protection
Core Protection Products
The insurance product (e.g. auto, home)
ExpandedProtectionServices
Analog,Non-Digital Digital Connected
Digital / Connectedness
Core Insurance
Model
Alternative
Revenue Pools
(e.g. data/analytics
utility services)
Expand &
Diversify
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6. 6
3. Expand your team
Insurers must consider becoming a player within
an ecosystem of providers that, together, are
able to meet more of their customers’ higher-
level needs. They must proactively define a
differentiated position within this ecosystem,
or their role will be defined by other players.
Competing to win in the future calls for making
tough choices about the position you want to
play and how best to extract value from it.
For example, should you:
• Continue to focus reactively on
compensation for losses, or become
a proactive protection provider?
• Become a lean, digitally connected
industry utility offering a low-cost
product manufacturing capability,
or a highly customer-focused provider
of tailored offerings?
• Become a platform provider for others
to leverage and extend, or leverage and
integrate the platforms of others?
• Focus on the design and integration
of customer solutions?
• White-label your offerings or brand them?
When asking these questions, you should
also identify the capabilities that are required
to be successful in a competitive as well
as a partnership situation and evaluate the
economics of each option.
By exploring and answering these questions
you will better understand your capabilities
and differentiators, you will identify your
vulnerabilities, and you will gain clearer insight
into your economics. Where there is weakness,
look to partners that have the capabilities to
complement your strengths, and figure out
which of your differentiated capabilities can
be offered to partners.
of digital front-runners
believe establishing new
partnerships is important
for differentiation
54%
of all insurers have entered
into a distribution partnership
49%
of insurers offer non-insurance
products/ services either internally
or through ecosystem partners
39%
of insurers plan to offer
non-insurance products
in the near future
23%
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Source: Accenture Digital Innovation Survey 2014
7. Make the right moves
to compete to win
The most successful insurers (expecting growth
of 5-7 percent) will be those that pursue a
combination of defensive and offensive plays
that reflect a balance of near-term execution
and longer-term strategic investment. These
strategic choices will determine an insurer’s
breadth of products and services, its positioning
within an ecosystem and the capabilities that
will differentiate it. These choices have a
“multiplier” effect on a company’s potential
value capture and they will fundamentally
change the business models of many insurers.
Bold moves are required to compete and
thrive on tomorrow’s insurance playing field.
Are you ready?
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