Four years ago, at the start of InsurTech and the disruption it has brought, we began tracking how the industry is responding to the trends impacting insurance … identifying the Knowing – Doing Gap. The gap highlights that insurers know and recognise changes in the industry, but they are not planning and doing rapidly enough.
Why? They struggle to maintain strategic focus, suffer through limited investment and fight against competing priorities. Instead, insurance leaders must stop talking about the opportunities and start doing, using the disruption and change as a catalyst for “real change.”
So where are we today? Majesco’s fourth annual Strategic Priorities survey results provide a strategic lens into the industry that is now revealing distinctly different approaches being taken by insurers.