Today’s insurance industry business environment is characterized by constant disruption, increasing competition, stagnant growth, increasing costs, new technologies, and shifting market and customer demands. These tectonic shifts are redefining the future of the insurance industry. In this environment, focusing on both operational and strategic innovation is more important than ever to effectively manage the current business while creating the future.
As a result, innovation is increasingly critical to the future, long-term success of insurers. In the AM Best Trend Review published March 15, 2022, the analysis found that insurers with higher innovation assessments reported higher 5-year premium growth, lower expense ratios and more sustainable combined ratios in the long run for non-life insurers. In addition, the Majesco Strategic Priorities 2022 report found that Leaders see the market and technological trends as a many-fold opportunity, distinguish themselves with a stronger focus on initiatives instrumental to creating new business models, expanding distribution channels, entering new markets, adding value-added services, and developing new products by leveraging technology as a foundation and catalyst for innovation, establish a strong operational and technology foundation and differentiate themselves in the use of technology to fundamentally change the business operating model and to innovate.
Anyone would agree that innovation and disruption are related topics. Innovation deals with creating an entirely new approach that adds value to something. Disruption deals with accepting the reality that something new will change our current approach.
This webinar will provide you insights on where leaders are focused and how innovation is making a market and financial difference resulting in the emergence of a new era of insurance and leaders within the industry. Are you a Leader, Follower or Laggard? How you stack up to your peers and competitors will influence your future. An operational and strategic focus is mandatory to adapt and survive.
Denise Garth, Chief Strategy Officer – Majesco
Seth Rachlin, Executive VP, Global Insurance Industry Leader – Capgemini
Edin Imsirovic, Associate Director – AM Best