Insurers must do far more than just partner with insurtech innovators or build their own digital platforms. They must embrace new business models
A timely warning from Spiros Margaris that time is not on the insurers' side and also reflected in:-
"Which digital giant will disrupt you?"
Added urgency to be found in research by McKinsey that the majority of profits in each insurance market will be shared by only 4 to 5 enterprises . The remainder must scrabble for thin margins. See
"Winner takes most in digital transformation"
Solutions?
- Partner with an industry proven insurance digital platform vendor and in parallel
- Plan and Implement business models to anticipate competitors- particularly the digital giants
