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What Does the Future Hold for Insurers?

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15 February 2021
Nicolas Michellod

What will the future insurer look like? How technology will impact the shape of insurance in ten years’ time? Which of them will represent a major factor to help them acquire competitive advantages?

My colleague Craig Beattie and I have tried to address these questions in a free webinar back in October last year. We think there are key topics insurers should think about when preparing for the coming decade:

  • The Risks: How have the risks insurers need to help the society with evolved?
  • The Consumers: How consumers’ needs are going to change insurers’ approaches?
  • The Advocates: What will the distribution landscape look like in the future?
  • The Market: How will insurers have to adapt? What will be the right technology enablers?
  • The Future Focus: What insurers could do now to be prepared?

We have seen new types of risks emerging that are currently impacting not only insurance companies but more widely economic actors. We have also observed a change in consumers’ attitude over the past decade mainly driven by quick adoption of new technologies. Insurance distribution has been impacted by digitization more (in P&C though). We think data exchange, wider outreach and automation will drive insurers preference for their future distribution models. Overall, insurance will become more transparent and specialized as insurers need to be more structured around customers:

Source: Celent

Technology is and will remain insurers’ best ally to achieve this objective as they fight against time- and cost-intensive business operations while increasing customers satisfaction.

At Celent, we continue to track how technology impacts insurers’ business model and strategy. We have published our view on the short term technology trends in insurance:

Also we will publish detailed case studies of the winning initiatives of our 2021 Model Insurer program in March in the frame of our Innovation & Insights Week. If you are interested do not hesitate to register. This is free.