Insurance Transformation

The rapid spread of digital technology across the insurance industry is undermining many of the insurance sector’s traditional business models. Here .lies a wealth of opportunity

Whilst slow to take up, insurers are using digital technology to reach new customers and secure innovative revenue streams. Some firms have identified some of the “sweet spots” in the insurance industry that are likely to yield substantial future returns as consumers increasingly crave digital products and services.

Insurers have long built their businesses on their ability to assess risk, manage income and compensate customers for misfortune. Now, they have to change. They need to broaden their businesses. And they must do it quickly.

Here are just 6 evaluation methods that insurers could use to transform and capitalise on change.

Unorthodox: Challenges current industry logic and assumptions.

Epicenter driven: Uses the strengths and weaknesses of existing businesses to generate ideas.

Customer-centric: Adopts a customer perspective to solve problems and enhance service.

Scenario-based: Uses disruptive industry trends to build new business models.

Mirrored: Imitates business models from other industries. Digital giants GoogleAppleFacebook and Amazon have replicated their business models to move into new markets.

Industry macro-economics: Assesses the way economic forces within an industry change how and where value is created. 

By Rob Booth - LinkedIn: https://www.linkedin.com/in/rob-booth-2193982/