As we noted in our report, Future Trends 2018: Catalysing the Shift to Digital Insurance 2.0, the current state of insurance disruptors across people, technology and market boundaries is pressuring insurers to adapt and embrace new business models and opportunities – an example of “digital Darwinism” in the shift to Digital Insurance 2.0.
Majesco’s third annual Strategic Priorities survey results provide a strategic lens into the industry, generating key questions we must ask ourselves. Are we acting on the rapidly emerging digital age gaps and leveraging our knowledge of the insurance industry and market trends? Are we maintaining our existing reality of Insurance 1.0 or are we building the future of Digital Insurance 2.0? Are we simply educated observers or positioning ourselves as new digital leaders?
Together, the customer and industry / business gaps are creating hurdles for many, but opportunities abound for those who embrace the digital age shift in this race to the future of Digital Insurance 2.0. How companies respond will determine whether they are architects or victims of the future, because innovative incumbents and new entrants are challenging traditional insurers, defining and creating the digital age of insurance.
This whitepaper sheds light on how the Digital Insurance 2.0 business model is reshaping the industry and why insurers must become digital insurgents in order to thrive in the new game of insurance.
• Growth and strategic initiatives.
• The gaps – growing and expanding.
• Strategies and initiatives to accelerate Digital Insurance 2.0.
• Implications and opportunities.