OverviewInsurance enterprises are faced with a new business landscape: diversified channels, varied distribution and changing demographics. The technology landscape, however, is not-so-new: maintaining legacy applications is getting costlier, budgets are limited, and IT isn’t always delivering value the business needs. Succeeding in this new economic environment calls for insurance carriers to bring new thinking and new technologies into their way of doing business. Traditional insurance channels are changing: insurance brokers are no longer as critical in the market as they once were. New channels, such as mobile technologies, digital marketing and social engagement are changing the way customers access insurance. Insurers need to leverage these channels in the most effective ways to gain market share. In the face of increasing customer and distributor demands, insurers are rethinking how they can better serve the market and position themselves closer to their customers. Enhancing the operating model can deliver these changes effectively, but insurers need to think about the appropriate models to apply, and how technology and operations will be impacted. Insurers are re-thinking their approach to risk management. Restructuring risk-management functions and processes can substantially improve their effectiveness in the face of increasing claims and financial losses. The rise of social media and mobility has raised expectations in customer service and engagement, while cloud computing presents enterprises with the ability to create more efficient business models. These new operating models enable powerful possibilities to ‘engage-as-you-go’ and ‘pay-as-you-go’. The Reinsurance business is challenged by sluggish growth of premium in a recovering economy, increasing incidents of disasters, global pandemics and terrorist incidents, and new regulatory requirements across the world. While new opportunities are presented by emerging economies, many insurers are constrained by the lack of appropriate systems and processes. They are also facing increased competition requiring superior underwriting capabilities and strategies to enable expansion into emerging markets. |
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