Aon’s latest Insurance Risk study looks at how technology can enable growth of the insurance sector.
It focuses on the need for existing insurers to think with a ‘third wave’ mindset, looking beyond apps and smartphones, embracing technology and tailoring it to their specific needs, as opposed to the recent tradition of falling victim to it in the way that Kodak did to digital photography, or Blockbuster did to Netflix.
According to the report, entitled Global Insurance Market opportunities: Re-Imagining Risk Management, all industries are now entering the ‘third wave’ of digital revolution. This will require the C-Suite at large existing insurers to be fully involved in shaping the industry’s future – most likely via partnerships, as opposed to outsourcing or acquisitions: the latter being a common theme thanks to the app economy and mobile revolution (the ‘second wave’: 2000 - 2015). The ‘first wave’ is characterized by internet innovators such as Apple, Cisco and IBM laying the foundation for the online world from around 1985 – 1999.
Aon’s study is designed to provide the insurance industry’s set of risk parameters for modeling and benchmarking underwriting risk and global profitability. It also aims to provide insurer clients with customised market intelligence to create business plans that are “realistic, fact-based and achievable”.
To download the report go to http://www.aon.com/2017-global-insurance-market-opportunities-report/index.html