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Evolution & Revolution in a Digital World – Morgan Stanley & BCG

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Article Synopsis :

The increasing pace of technological change is a major challenge for insurers and consumer expectations have changed faster than the industry. This presents insurers with significant opportunities and threats.

 The Digital Insurer reviews Morgan Stanley and BCG’s Report on Insurance and Technology - Evolution and Revolution in a Digital World

Insurers must successfully manage the opportunities and threats posed by the changing technology environment

In the collaborative global report titled “Insurance and Technology: Evolution and Revolution in a Digital World”, the Morgan Stanley and BCG team conducted 56 interviews with senior executives of insurers and technology providers globally and commissioned a proprietary global insurance consumer survey in 12 countries in order to gauge perceptions about technology usage and digitisation. While trying to answer the question “how well placed are insurers to deal with the changing technology environment?”, the report identifies the following opportunities and threats for insurers:

Opportunities

  • Development of new flexible products – meeting unmet consumer needs
  • Increased cross-selling potential
  • New emerging risk types – e.g. cyber risk
  • Step change in operational efficiency
  • Improve service offer to clients

Threats

  • Risk of adjacent entrants into insurance
  • Disruptive models – e.g. peer-to-peer
  • Industry is not a natural ecosystem host
  • Smaller risk pools given IoT/telematics
  • Anti-selection if late adopter of technology

 

Link to Full Article:: click here

Digital Insurer's Comments

Insurers must successfully navigate the challenges that lie ahead in terms of evolving technology, new consumer behaviours and expectations and changes in regulation in order to remain competitive.  Those that do not react or wait on the side-lines risk going out of business.  We have identified some emerging trends which we believe insurers must consider as part of their digital transformation journey:

  • Smart phones and tablets as an access and delivery channel
  • Cloud computing as a technology enabler
  • Big data and predictive analytics for better underwriting control
  • Social media as a mass interaction tool 

Link to Source:: click here

 

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