Regulation, product complexity, and insurers' large balance sheets have kept digital attackers from insurers' gates until recently. That is changing, but in ways incumbents should embrace, according to a new report, “Digital Disruption in Insurance: Cutting Through the Noise.”
Digital technology destroys value. Consumers, not companies, are often the ultimate winners. So it is likely to be in insurance. For a long time the traditional insurance business model has proven to be remarkably resilient, but it is now beginning to feel the digital effect. Digital is changing how products and services are delivered, and increasingly, it will change the nature of those products and services and even the business model itself. Opportunities abound for incumbent insurance companies in this new world, but only those that move swiftly and decisively are likely to flourish.
Tanguy Catlin (Boston) and Johannes-Tobias Lorenz (Düsseldorf), senior partners in the Insurance Practice, will discuss how insurance companies can reap the rewards of the digital age by successfully undertaking the massive transformation required to capitalize on the opportunities it presents.
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