Today’s insurance executives face a host of complex demands, from developing an integrated firm-wide strategy for the digital age and adopting emerging technologies to improving operational efficiencies, dealing with disrupted distribution channels, and needing to forge whole new market segments and product solutions to keep pace with competitors and new entrants alike.
On the digital front, incumbent insurers must move quickly and decisively to retain customers and win new business. Insurtech investments and other efforts to embrace innovation are likewise seen as critical at this juncture. But there is a lot of noise to contend with, and insurers are learning that transformation requires “heavy lifting” from not only a technological standpoint, but also a cultural one.
Many carriers are beginning to play a larger role in risk prevention and avoidance, leveraging their expertise to create value through services and advice rather than simply bearing the risk. This takes focus off of traditional underwriting and suggests business models will continue to evolve as the Internet of Things, artificial intelligence, the sharing economy and the future of mobility all converge.
The Third Annual FT Insurance Innovation Summit will bring together leading executives and industry experts to discuss the best strategies to adapt and innovate in this rapidly changing ecosystem.