A glimpse into the future of Insurance
Due to the digitalisation of the economy and society, the insurance industry is rapidly changing. In order to stay competitive, Insurance companies need to prepare for the future ahead. But what does this future look like? And what can Insurance companies do to pivot effectively?
The key Megatrends which will have an impact on the Insurance industry in the next ten years:
- Connectivity
- Individualisation
- Urbanisation
- Neo-ecology
- Mobility
- Health
- Automation
- Silver society
To face competition and new models of shared Insurance, companies have no choice but to expand the reach of their services. Insurers will need to work extensively on the product and service (P&S) portfolio strategy. Their ultimate goal is to become the partner of choice for both consumers and businesses: the one who will stand by them through every phase of life.
In 2021, Insurance companies are still lacking either customer proximity or technological expertise to become the natural “companion” for risk prevention and coverage. They will have to decide if it’s best to acquire in-house capabilities or to smartly partner with strategic suppliers.
We have developed an insight into what we predict the insurance industry will look like in 2030 based on the trends we are seeing today. Read the full report below!
Visit our Insurance pages to learn more about BearingPoint's expertise in the industry.
