General insurance will look very different come 2025. The big question becomes whether firms are ready to face up to the challenges and opportunities that lie ahead. As Leon C. Megginson wrote, "It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one most adaptable to change."
This blog explores five ways insurance will change by 2025:
• Insurers will achieve joined-up customer understanding.
• Insurance will transition from a digital business to an algorithmic business.
• Customer interactions will change.
• Risk prevention will become the norm.
• Looming recession will be a breeding ground for new fraudulent activity.