The report recommends insurance companies take the following actions in order to accelerate transformation and position for the future:

Scenario planning: Whether it is short workshops or longer projects, planning can be used to identify high-level insights, gaps, and watchpoints or develop full-fledged scenarios and detailed strategic plans.
Actively follow transformational technology: Technology advancements happen at a rapid pace. But with 15-20 key technologies that insurers need to follow, monitoring can be a challenge.
Enhance competitive monitoring/track use cases: Track innovation both inside and outside the industry, and even track innovation beyond geographic boundaries. Tracking insurer implementation of new technologies, products, and business models provides important competitive intelligence and ideas.
Develop a transformation roadmap: Rethink roadmaps to blend the outside-in and inside-out approaches to transformation. Also, recognize that roadmaps need stable components that serve to build out the necessary foundation while adapting to market changes and opportunities.

So, what will insurance look like in a decade? "We humans have proven to be bad at predicting the future. However, in an era of rapid change, successful companies are those that create a culture and an infrastructure that is adaptable, enabling them to seize new opportunities as the world changes," Breading says.

Special Reports /

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