This article was paid for by a contributing third party.
The death of insurasaurus? Why complacent and out of touch insurers must overhaul their business, and their image, to survive
Need to know
- Due to captive audience and significant barriers to entry, insurers’ impetus to become more efficient has been limited, so they have remained relatively unautomated and very resource- and asset-heavy.
- Customers, both individual and corporate, have a long familiarity with established industry names, and a level of comfort with their products and sales models. This has served to protect the incumbents and restrict the growth of newcomers.
- Until recently, these barriers have been formidable defences for insurers. Over time, however, many have failed to see the gathering storm in the market outside, and they have underinvested in their infrastructure, technology and process renovation, simply because the imperative to change wasn’t there.
- But brand loyalty is disappearing as the next generation of buyers comes to market: buyers used to a world of technology-driven service platforms, with a willingness to change their service providers often and quickly, and a high level of comfort with non-brand-name providers.
However, by upgrading their tech and learning from other industries they can avoid the fate of their ancestors writes Chartis global brand director/research director Mark Feeley in this exclusive Market Insight for Insurance Post.
To view the report, click here
Chartis Research
Chartis Research is the leading provider of research and analysis on the global market for risk technology. Chartis’ goal is to support enterprises as they drive business performance through improved risk management, corporate governance, and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
Sponsored
More from sponsor
A tale of two countries encountering retirement income needs
In the second Market Insight piece by Insurance Post's sister expert research brand Chartis, its research director, wealth management, Denise Valentine looks at how the UK and US authorities are taking steps to encourage people to plan and invest for their retirements.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk