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Facing the Future: Blueprint for Growth – State Street

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Article Synopsis :

With digital trends shaping the global insurance sector landscape, it’s paramount that top management have a clear understanding of the forces that will drive the industry’s future.

 The Digital Insurer reviews State Street’s Report on Facing the Future - Blueprint for Growth

Industry opinion on the future of insurance

The State Street study “Facing the Future : Blueprint for Growth” is based on a  survey of more than 300 senior industry executives and provides a range of in-depth discussions with corporate leaders and experts. The survey results identify key areas where the insurance industry is developing new approaches to help firms compete in a demanding and unpredictable environment. Key conclusions of the study are:

  • Regulation is changing the game
  • Emerging markets offer growth potential, but the price of entry is rising
  • Demographic trends and new customer segments will drive product innovation
  • New technology has made revamping distribution models a top priority
  • Non traditional asset classes could boost investment return, but insurers need to develop the tools and expertise to manage them
  • Consolidating data systems would help many companies improve efficiency
  • As markets and regulations evolve, companies should selectively outsource

 

Link to Full Article:: click here

Digital Insurer's Comments

Customer-centricity is going to play a very important role in the journey to success. Insurers seeking to devise a differentiated strategy and to take performance to the next level will have to focus on:

  1. Acquiring data analytics capabilities and a skilled work force
  2. Enhanced customer engagement through multiple channels
  3. Product design and delivery as per demographics 

Link to Source:: click here

 

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