Six Ways Insurers Can Radically Transform

Six Ways Insurers Can Radically Transform

This IDC Perspective aims to shape the digital insurance growth story by looking into the current and prospective strategic measures that insurers must undertake to survive in today's interconnected world. Further, this report helps identify the digital considerations that insurance companies need to successfully ride the growth curve in the coming months. To witness the future through the lens of the past, during the pandemic, the insurance industry has seen the real digital transformation in a matter of some months, which ideally could have taken several years to experience otherwise. This indicates that consumers today will only honor companies that are dynamic, agile, and forward thinking in their offerings. The successful use of technology, such as distributed ledger, Internet of Things, application programming interfaces, robotics, microservices, and usage-based services will define the way insurers manage great consumer experience. The practice of legacy methods is here to end. "Insurers must define their consumers well to accommodate the best possible digital path. A great deal of ecosystem involvement and insurtech partnerships is key to develop market readiness," says Surya Narayan Saha, research manager, Asia/Pacific IDC Financial Insights.

Please Note: Extended description available upon request.

Executive Snapshot
Situation Overview
Modernization of Data
Rewriting Risk Assessment Standards
Insurtech Partnerships
Growth in Parametric
Environmental, Social, and Governance
Decentralized Insurance
Key Elements Insurers Should Consider
Data and Analytics
Policy Administration and Claims
Intelligent Distribution
Product Development
Pricing Innovation
Strategic Priorities to Consider in 2022
Biggest Threats Coming
Advice for the Technology Buyer
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