Like so many industries, insurance is undergoing a fundamental change as the digital evolution transforms the way we interact and do business. The entire value chain is impacted, from insurers to intermediaries and service providers, as we all get more familiar with doing business using digital devices and as players from other industries, whether retailers, e-retailers or vehicle manufacturers, set foot in insurance markets. At the center of this transformation into a more connected, digital world is the client, and a marketplace that is defined and driven by customer needs, lifestyles and digital behavior.
Combined with today’s market challenges, increasing competition and related operating pressures, insurance leaders face three imperatives:
- Formulating a future vision of their business model and its core capabilities in a digital world.
- Adapting and transforming that business model for the future, and so improving their ability to understand and satisfy customers.
- Accepting the strategic impact that technology and digital media will have on their organization and recognizing the changes required in a customer-centric, digital world, and embracing this reality by confronting legacy issues and creating the culture and capabilities to continuously enhance performance across the entire business.
At KPMG we have been exploring what the future might look like as the industry embraces digital technologies and starts to harness the full value of the vast amounts of data now available. We would like to hear your views, complete our short survey: Impacts of digital on the Insurance industry. All responses will be strictly confidential and presented in aggregate format only.
We will be releasing full report, Transforming Insurance in September 2014. If you would like to receive a copy, please email email@example.com.
To share some of the early results from our survey we have developed a short insight paper - An industry transforming: Insurers and intermediaries in a fast changing, digital world