How do insurance coverage corporations construct strategically resilient enterprise fashions in an unpredictable future? To begin, the longer term isn’t solely unpredictable. The impacts from lots of the most talked about disruptors, together with telematics, local weather change, automation, AI-driven service fashions and lots of extra, are proliferating by means of the insurance coverage trade. Now the questions are: How quickly will we reply if the traits proceed to speed up, decelerate or change solely? What occurs to the trade? What ought to my firm do? How can we be ready? That’s the guts of our new whitepaper on the North American P&C trade.
Within the first weblog of this sequence, I outlined the worth of creating resilient enterprise methods utilizing inputs from Accenture’s proprietary future situation modelling toolkit. The second weblog used sustainability to point out a high-level software of strategic resilient planning. This third weblog provides a deeper whitepaper to investigate how the North American P&C trade might be affected by a few of these key trade developments.
My objective is to point out how the convergence of those traits will create alternatives and dangers that may be assessed and quantified by way of their potential. These insights ought to assist body the important thing concerns that insurance coverage corporations needs to be exploring.
To do that, we picked 4 main themes impacting the North American P&C trade proper now:
- The altering face of mobility (ridesharing, interconnected automobiles, electrical automobiles)
- Protected and resilient property (interconnected good properties, local weather resilience)
- Small business “digital attackers” (small enterprise options, technology-enabled direct distribution)
- Accelerating cyber demand (rising demand, rising authorities regulation)
We seemed on the potential traits in every theme over the following three years, to 2025. From there, we analyzed completely different situations based mostly on the acceleration of these traits to find out worth at stake (outlined as shifting or new premium {dollars}).
The beneath graph is a abstract of every theme we discover within the report. Collectively, our evaluation reveals over $120 billion in worth at stake throughout these themes by 2025. So, how do you seize that worth? To search out out and uncover extra insights, register to learn our report, Strategic resilience: 4 alternatives you’ll be able to’t ignore in P&C insurance coverage.
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