Future of Insurance

Traditional insurers are being challenged to accelerate the digitisation of their businesses as customers are turning to digital channels to fulfil their needs. According to this article digital attackers excel in the following four areas. Some hints here for the incumbents in any industry… DIGITAL: Primary source of customer acquisition. DATA, ANALYTCIS, AI: Drive insights and decisions. CLOUD: Enables quick adaptability. TALENT: Entrepreneurs may be better than corporate executives for digitisation. They also have flatter hierarchies for greater transparency into work outcomes, foster open discussions and encourage a willingness to challenge the status quo and embrace new ideas.

Read more Source: McKinsey