Strategic Resilience: 4 Alternatives You Can’t Ignore In P&C | Insurance coverage Weblog


How do insurance coverage corporations construct strategically resilient enterprise fashions in an unpredictable future? To start out, the long run isn’t fully unpredictable. The impacts from lots of the most talked about disruptors, together with telematics, local weather change, automation, AI-driven service fashions and plenty of extra, are proliferating via the insurance coverage business. Now the questions are: How quickly will we reply if the developments proceed to speed up, decelerate or change fully? 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 industry.

Within the first weblog of this sequence, I outlined the worth of creating resilient enterprise methods utilizing inputs from Accenture’s proprietary future state of affairs modelling toolkit. The second weblog used sustainability to indicate a high-level utility of strategic resilient planning. This third weblog presents a deeper whitepaper to research how the North American P&C business may very well be affected by a few of these key business developments.

My objective is to indicate how the convergence of those developments 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 ought to be exploring.

To do that, we picked 4 main themes impacting the North American P&C business proper now:

  1. The altering face of mobility (ridesharing, interconnected automobiles, electrical automobiles)
  2. Secure and resilient property (interconnected sensible properties, local weather resilience)
  3. Small business “digital attackers” (small enterprise options, technology-enabled direct distribution)
  4. Accelerating cyber demand (rising demand, growing authorities regulation)

We appeared on the potential developments in every theme over the subsequent three years, to 2025. From there, we analyzed totally different situations based mostly on the acceleration of these developments to find out worth at stake (outlined as shifting or new premium {dollars}).

The under graph is a abstract of every theme we discover within the report. Collectively, our evaluation exhibits over $120 billion in worth at stake throughout these themes by 2025. So, how do you seize that worth? To search out out and uncover extra insights, register to read our report, Strategic resilience: 4 opportunities you can’t ignore in P&C insurance.

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Disclaimer: This content material is offered for normal data functions and isn’t meant for use instead of session with our skilled advisors.