Insurers are continuing to face marked changes in 1) what customers expect in terms of products and service, 2) how they obtain and utilize the information that informs business decisions, and 3) their underlying business and operating models. Top Insurance Industry Issues in 2016 describes in detail the internal and external changes insurers face and how they can gain a competitive advantage. Top issues include:
- Creating an effective strategy, including taking advantage of the opportunities arising from InsurTech and artificial intelligence, and ensuring that business models are fit for growth. In addition, we provide a look at how the latest deals are changing the industry.
- Market segment challenges and opportunities, including in cyber-insurance, commercial lines, and group.
- Managing risk and regulatory complexity.
- Process and systems improvement, including addressing the challenges of the aging industry workforce and how the life and annuity market can use BPO to improve operational efficiency.