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How do insurance companies build strategically sustainable business models in an unpredictable future? To begin with, the future is not entirely unpredictable. The influence of many of the most talked about innovators, including telematics, climate change, automation, AI-enabled service models and more, is spilling over into the insurance industry. Now the questions are: how quickly will we react if trends continue to accelerate, slow down or reverse? What is happening with the industry? What should my company do? How can we be ready? This is the main part of our new white paper on the North American P&C industry.
In the first blog of this series, I talked about the value of developing sustainable business strategies using Accenture’s own tools to model future scenarios. The second blog used resilience to show the high-level application of strategic resilience planning. This third blog features a more detailed white paper that analyzes how some of these key industry developments could impact the P&C industry in North America.
My goal is to show how the confluence of these trends will create opportunities and risks that can be assessed and quantified in terms of their potential. These insights should help formulate the key considerations that insurance companies need to consider.
To do this, we have selected four main topics affecting the P&C industry in North America right now:
- The changing face of mobility (ridesharing, interconnected cars, electric vehicles)
- Safe and sustainable property (interconnected smart homes, climate resilience)
- Small commercial “digital attackers” (small business solutions, technology direct distribution)
- Accelerating cyber demand (growing demand, increased government regulation)
We looked at potential trends for each topic over the next three years, through 2025. We then analyzed various scenarios based on the acceleration of these trends to determine the value at stake (defined as transition or new premium dollars).
The chart below provides a summary of each topic we cover in the report. Collectively, our analysis suggests that more than $120 billion will be delivered on these topics by 2025. So how do you get this value? To learn more and learn more, sign up to read our report “Strategic Sustainability: 4 Opportunities You Can’t Ignore in P&C Insurance”.
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Disclaimer: This content is provided for general informational purposes and is not intended to be used as a substitute for consultation with our professional advisors.
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