Insurance Growth & Opportunities – How Next Gen Technology, Products, Data, Channels and Ecosystems are Driving Change in the Face of Increasing Market Changes

For decades, the creation and evolution of insurance markets, products, channels, technology, and customers unfolded at a slow and steady pace. It took months if not years to launch a new product. Core business technology was replaced only every 20-30 years and the projects took many years and multi-millions to implement. Customers were the Baby Boomers and Gen Xers who followed similar life stages and had similar needs and expectations. Companies managed and lived with slow transformation because everyone was in a similar position.

But change has picked up in a disruptive way. The pace changed. The market changed. Technology changed. Competition changed.  And change changed.

New and constantly changing factors, including cyber, climate and political risks; changing customer behaviors and expectations; technology-driven capabilities; sources of data; channels, ecosystems and partners; influx of capital to the market for InsurTech and M&A; a pandemic; industry retirements and fight for talent; and now, inflation, added fuel to change.

Today, the traditional business model and technology approach are unresponsive to market shifts or opportunities, particularly given the disruption and need for innovation. Disruption deals with accepting the reality that something will change our current approach.  Innovation deals with creating an entirely new approach that captures opportunities, adds value, and drives growth.

Success in moving forward requires a two-speed strategy: Speed of Operations, which focuses on making efficient and effective focused improvements to the current, traditional business model with mature systems and processes; and Speed of Innovation, which focuses on creating agile, fast and new business models that explore, test and grow new products, partners, ecosystems, data, services, channels, and market opportunities.  2022 continues to unveil game-changing scenarios that will accelerate change and create significant opportunities for those prepared to innovate and meet these challenges.

Join this webinar to hear from these innovation leaders on their views of the market opportunities for those willing to lead and innovate!

Speakers
Denise Garth, Chief Strategy Officer – Majesco
Arlene Kern, Senior Vice President and Innovation Scout – Munich Re
Peggy Klingel, Innovative Leader and Growth Strategist – Allstate
Chris Cheatham, Product Evangelist – Bold Penguin
Jay Sarzen, VP Senior Solutions Manager US – Swiss Re