The insurance industry is on the brink of a major revolution as adoption of insurtech enters a new phase.

Data is the driving force for these innovations, as it remains tantalizingly close, but not yet in the full control of many businesses.

There are no quick fixes that allow insurers to clean up their data. Insurtech is the means to transform insurance from an arcane policy-led industry into one that succeeds by placing the customer at the heart of everything it does. 

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For the insurance industry, the need to find new opportunities for sustainable and profitable growth has become an imperative. Agile competitors are emerging, demonstrating the potential to leverage technology-enabled business and operating models to more effectively and efficiently engage with customers — and meet their changing preferences and evolving protection needs. 

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Digitalization – the next stage in technological innovation. As it throws up new opportunities and challenges, the sheer extent and speed of change can be daunting. Yet staying ahead of latest developments is critical to avoiding becoming a ‘digital dinosaur’ who is out of line with customer expectations. 

In fact, digital change affects almost every aspect of an insurer’s business, from customer offerings to internal processes. Given the breadth and speed of change, only a truly agile culture can enable an insurer to continually adapt and reshape itself to stay relevant in this rapidly changing environment. Not to mention becoming a digital leader in customers’ eyes.

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Insurance profit for the year ended 30 June 2018 was up 4 percent to $5,010 million, a further improvement on the previous year’s strong result. Favourable net perils experience and higher than expected reserve releases contributed to this result. This is line with our prediction last year as the industry benefits from the long awaited upswing in the insurance cycle.

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The emerging technology radar breaks down disruptive technologies and shows their expected time to impact and the size of impact.

Emerging technologies that are impacting industries today or will make a significant impact within five years are defined by radar as ‘strategic’. Companies are seeking to fully understand and proactively implement solutions in these areas. 

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Disruption is shaking the fundamentals of the insurance industry. This is true structural change, not just a cycle. New technologies, new competitors, new markets, new regulations, and changing consumer behaviors are all creating tremendous opportunities, and posing significant risk to the legacy insurance business model. To succeed in this dynamic environment organizations are reevaluating their portfolio of business and rationalizing their global footprint to strategically determine ‘where to play’ and ‘how to win’ in the future. One of the immediate consequences of this trend is the expected rise in deal activity in the global insurance industry. 

Industry participants are increasingly getting more strategic about their inorganic growth initiatives. Traditional approaches to mergers and acquisitions (M&A) which have been largely reactive to immediate deal opportunities, are no longer sufficient. Insurance executives and their shareholders expect their investments to drive transformation within their organization over the long term, rather than deals that could be financially accretive in the short term but are not sustainable. 

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