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Wednesday, May 02, 2018

We need to move to a 'Digital Insurance 2.0' world, it is urged | Insurance Business

Photo: Lucy Hook
"Ready for a makeover? Well that’s exactly what the industry needs, according to one firm which says that a transition is needed from ‘Insurance 1.0’ to ‘Digital Insurance 2.0’" notes Lucy Hook, currently a news editor at Insurance Business.

Photo: Insurance Business

According to software and services provider Majesco, change and disruption in the industry – affecting people, technology and market boundaries – is pressuring insurers to adapt and embrace new business models and opportunities – an example of ‘digital Darwinism.’

In the rapid shift to the digital age, the insurance industry is being pushed towards a new incarnation in which new products, channels, services and business models are being introduced, according to the firm. In order to survive and win, industry players will need to architect and build a ‘Digital Insurance 2.0’ business model that will make today’s model obsolete.

The industry in its current form – ‘Insurance 1.0’ – has been built around a traditional operating model and a set of basic market assumptions that were widely based on the previous generations’ behaviours, attendees of an MGAA market briefing in London were told this week.

But significant change is now happening at an unprecedented pace.

Source: Insurance Business