The future of insurance.
In this report, we’ve collaborated with Tokio Marine’s Innovation Lab, London to break down insights into the future of insurance. We explore the major changes the insurance industry faces as a result of the growing protection gap and the emergence of a new generation of consumers, and present a wide range of opportunities offered by advanced technology.
The insurance sector is experiencing a period of rapid innovation while adapting to customer preferences, managing complex risks, new distribution models, and establishing a competitive, digitized footprint for the industry of tomorrow. Those who understand the importance of hyper-personalized customer experiences, intelligently automating the end-to-end insurance lifecycle, and embracing data-driven technologies will lead the way.
Amid these shifts, climate change and the ensuing natural catastrophes further exacerbate the global protection gap, which largely impacts developing nations. As the insurance industry moves forward, a digitization strategy will be able to address untapped markets, the widening global protection gap and ultimately leverage the latest technology in order to redefine the relationship between policyholders and insurers.