Carriers that can respond effectively to disruption-by becoming living businesses-can seize opportunities to ensure their long-term prosperity.
A few weeks ago, I wrote that insurance hasn’t changed much—but everything around it has. The disruption that carriers face today means rising costs and competitive pressures, as well as suppressed growth and profitability. It’s daunting to face these challenges head-on, but that’s precisely what insurers must do. Successful insurers will be handsomely rewarded—not just by being able to address today’s disruptive forces, but also by unlocking a wealth of opportunities that should ensure their long-term prosperity
In our latest report, Accenture explores the explosive growth potential that is available to insurers that become living businesses: perpetually hyper-relevant, agile, innovative organizations that thrive on change. Living businesses use sophisticated data and analytics capabilities to achieve a profound, dynamic understanding of their customers and the risks they face. They don’t just cover risk, but use innovative products and services to promote health and safety and protect assets and income.
The global report assesses opportunities across personal and commercial lines and life insurance, and we estimate that digital and other innovation offers insurers a growth opportunity worth $375 billion globally. This will be accomplished through a combination of new sources of revenue and enhanced penetration of existing market segments (an estimated $177 billion) and market share gains (roughly $198 billion).
Over the coming weeks, my colleagues will be sharing key insights from the report, such as the opportunities available across lines of business and key actions for transformation to a living business. I hope these blog posts, in conjunction with the infographic and the full report, help your organization face the future—fearlessly.Download the report and infographic here.
To discuss how Accenture can help your organization begin the transformation to living business, please get in touch.