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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Turning disruption to your advantage – PWC

Article Synopsis :

PwC’s 18th Annual Global CEO Survey takes a look at how business leaders are finding new ways to compete in an era of unprecedented technological change. The report “Turning disruption to your advantage” is a summary of key findings in the insurance industry, based on interviews with 80 insurance CEOs in 37 countries.

 The Digital Insurer reviews PWC’s Report on Turning disruption to your advantage

Insurers shattering the status quo will find new customers on the other side…

Insurance CEOs – more than CEOs in almost any other industry – believe  new regulation, increasing competition, technological developments around service provision, and changes in distribution will have more of a disruptive impact over the next five years. Four key opportunities emerge from the data:

  • Opportunity 1: Realising the digital potential
  • Opportunity 2: Seeking out complementary capabilities
  • Opportunity 3: Pushing into new sectors
  • Opportunity 4: Re-imagining your workforce

CEOs view technology as a means to an end – the end being to grow the business. The report explores ways insurance leaders can overcome short-term hurdles while creating new platforms for the future growth in four crucial areas:

  1. Developing truly customer-centric business models
  2. Simplifying operating models
  3. Looking at regulation in the round
  4. Proactively managing risk

The transformation of the insurance marketplace is accelerating, creating opportunities for some and threats for others. 59% of surveyed CEOs believe there are more growth opportunities than three years ago, while 61% see more threats than they did in 2012.

Link to Full Article:: click here

Digital Insurer's Comments

The good news is people are living longer and have more wealth to protect. But this survey raises questions about whether established insurers have the technology, customer insight and trust to capitalize on these favourable trends.

Intensifying price competition and difficulties conveying the true value of coverages sold beget a vicious cycle of commoditization, lower rates and margins, and higher rates of self insurance. Insurers investing aggressively to challenge and change business models, and develop and deploy digital capabilities at a faster rate, will enjoy the fruits of differentiation, outperforming peers and exceeding market expectations.

Link to Source:: click here

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