Insurance industry leaders are starting to leave behind the “follower” mentality, reallocating their investments into core capabilities that give them a more customer-centric view, as well as ways to differentiate themselves in
the market, consulting firm PricewaterhouseCoopers finds in its 2018 insurance annual report.
“Whether you are a “fastfollower” (as opposed to just a follower) or a market innovator, you are likely to share essentially the same approach to establishing an agile organization,” the report says.
Other key implications from the report:
- The companies that develop a meaningful competitive advantage will design and implement digital platforms that can handle disruption. They will build scalable systems, deliver an end-to-end customer experience, and change their business models to foster a test and learn environment that helps them improve how they go to market. These leaders will be the most likely to quickly adjust and grow as the industry continues to become more digital.
- With a strong, flexible framework in place, companies will be able to re-focus time and money into revenue-driving capabilities like external partnerships, invest in data-driven digital capabilities to improve customer value, and build back-end processes to support platform scalability.