Insurance in the age of instinct
Insurers are facing a moment of truth. How they respond today will lay the foundation for future resilience. We reveal how successful firms will connect, predict, and adapt to become instinctive insurers and lifelong protectors in their customers’ lives.
Trends changing insurance
Driven by the changing expectations of new generations, three macrotrends are reshaping insurance – and insurers must adapt to stay in the game.
1. Optimized reality
Insurers are harnessing new technologies to tailor their services to customers’ individual needs and shift from offering fixed cover to proactively preventing claims.
2. Ethical impact
Driven by consumer expectations, leading insurers will take an ethics-driven role within society and shift from being providers of blanket policies to stepping up as responsible guardians.
3. Whole-system planning
To build long-term resilience against systemic threats, forward-looking insurers are shifting from functioning as closed concerns to operating as strong, resilient networks.
The instinctive insurer
To navigate these macrotrends, insurers must become instinctive enterprises – a next-generation business that connects, predicts, and adapts at speed, with AI embedded as its neural wiring.
Connect
Insurers must build connected ecosystems to eliminate siloes and embrace external partnerships.
Predict
Insurers are enhancing their ability to generate predictive insights based on vast amounts of data.
Adapt
Insurers must build adaptive workforces with new skills, aligned around a common purpose: the customer.