How do insurance coverage corporations construct strategically resilient enterprise fashions in an unpredictable future? To start out, the long run isn’t solely unpredictable. The impacts from most of the most talked about disruptors, together with telematics, local weather change, automation, AI-driven service fashions and lots of extra, are proliferating by way of the insurance coverage business. Now the questions are: How quickly will we reply if the traits proceed to speed up, decelerate or change solely? What occurs to the business? What ought to my firm do? How can we be ready? That’s the guts of our new whitepaper on the North American P&C business.
Within the first weblog of this collection, I outlined the worth of growing resilient enterprise methods utilizing inputs from Accenture’s proprietary future situation modelling toolkit. The second weblog used sustainability to indicate a high-level utility of strategic resilient planning. This third weblog provides a deeper whitepaper to investigate how the North American P&C business may very well be affected by a few of these key business developments.
My purpose is to indicate how the convergence of those traits will create alternatives and dangers that may be assessed and quantified by way of their potential. These insights ought to assist body the important thing issues that insurance coverage corporations must be exploring.
To do that, we picked 4 main themes impacting the North American P&C business proper now:
- The altering face of mobility (ridesharing, interconnected vehicles, electrical autos)
- Secure and resilient property (interconnected good properties, local weather resilience)
- Small business “digital attackers” (small enterprise options, technology-enabled direct distribution)
- Accelerating cyber demand (rising demand, growing authorities regulation)
We seemed on the potential traits in every theme over the following three years, to 2025. From there, we analyzed completely different eventualities primarily based on the acceleration of these traits to find out worth at stake (outlined as shifting or new premium {dollars}).
The beneath graph is a abstract of every theme we discover within the report. Collectively, our evaluation reveals over $120 billion in worth at stake throughout these themes by 2025. So, how do you seize that worth? To seek out out and uncover extra insights, register to learn our report, Strategic resilience: 4 alternatives you possibly can’t ignore in P&C insurance coverage.
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