The insurance industry has undergone some significant changes in recent years as a result of fast paced technological and consumer behavior shifts - leaving it wide open to new competition.
However, now that the dust has settled, we’re also seeing changes to legacy players that indicate innovation, adaption and a new strategic direction for the industry as a whole, designed to bring them back to the top of their game and keep them moving forward well into the future.
Let’s take a look at the major trends which are likely to play a big part in the insurance industry over the next few years:
In order to facilitate the digital transformation that’s currently taking place in the insurance industry, you'll need to strategically plan your way forward. Whether you choose to partner with Insurtechs, bring skills in-house or outsource offshore, restructuring talent and resources will be the first step. And, in a time of climate catastrophes, increased claims and huge digital investment, cost savings will be critical.
To read more on the future trends of the insurance industry, download this eBook.
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