Future Trends: 8 Challenges Insurers Must Meet Now
Understanding the future is all about signals – and we have had lots of them over the last seven years as we tracked trends impacting the insurance industry. While the signals are there, not everyone sees them, understands them, or responds to them. Majesco has been carefully watching these signals, analyzing them, understanding them, and identifying how insurers should be responding.
If we have learned anything over this time, it is that change and disruption are constant, delivering game-changing scenarios across the industry. Today we are facing new challenges including the market economics of inflation, supply chain challenges, rising interest rates, and low unemployment. We are grappling with the increased reality of societal, climate, and technology risks and their potential impact. There are a host of new risks that are impacting and influencing strategies, priorities, plans, and budgets. Risks capture our attention. They force us to grow in our understanding and commit us to a wise and timely response.
As new signals continuing to emerge and add further fuel to the pace of change, strategic discussions on how insurers will prepare and manage the changes needed in their business models, products, channels, and technology are more important than ever.
Read this report to learn:
- How the factors of People, Technology and Market Boundaries are driving industry changes
- The eight key challenges insurers must recognize and decisively act on
- How transformation and innovation approaches embraced by the industry have evolved over three distinct eras of change in the past seven years