Reimagining the enterprise

The global insurance industry is conservative. Despite profound technological change over the past quarter-century, many leading insurers have adopted a “wait and see” posture. Fears of challenging powerful insurance broker communities, combined with almost extreme “customer stickiness” in many business lines, have held off the burning platform of disruption that has blazed brightly in industries such as retail, healthcare and banking. But disruptive innovation in adjacent industries is finally beginning to accelerate innovation in insurance. At the same time, the emergence of a vibrant insurance technology (insurtech) community is making it both easier and faster for insurers to embrace a concept we call Digital Reinvention.

Featured findings

44% of surveyed insurance industry executives report that traditional value chains are being replaced with value models.
37% of surveyed insurance industry executives indicate that boundaries between their industry and others are blurring.
46% of surveyed insurance industry executives say that competition from new and unexpected sources is beginning to impact their businesses.

About the authors

Craig Bedell

Craig Bedell
Global Insurance Executive
IBM Sales & Distribution Financial Services Leadership

Christian Bieck

Christian Bieck
Global Insurance Leader
IBM Institute for Business Value

Anthony Marshall

Anthony Marshall
Research Director, IBM Institute for Business Value
IBM Global Business Services

Stefan Riedel

Stefan Riedel
Vice President
Insurance and Insurance Solutions Europe

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