Collaboration is the way forward for insurers
Insurance firms are struggling to keep pace with the changes to supply and value chains brought on by technological disruption...
Traditional risks like motor are declining with new ones like cyber emerging. Customers are demanding more comprehensive solutions in the form of prevention and response. And the industry as a whole needs fresh talent to tackle its many pressing challenges.
Historically, insurers would either build or buy capability to acquire solutions or to access specific markets and customer segments. However, these approaches call for significant capital and resources, and take time to bring to market, leaving many players behind the game, with swifter competitors seizing share as the sector continually evolves towards new offerings.
Collaboration provides a faster and less risky route to help develop and co-create better products and solutions, improve access to customers and bring in new skills and capabilities across the operating model. We are likely to see an increasing number of partnerships, not just with InsurTechs, but also with key players in other sectors like agriculture, automotive, healthcare, and IoT.