This report highlights six macro trends that shape the insurance industry in the context of constantly changing customer behaviors, business models and working environments.
Today, in most insurance organizations the underwriting function is fragmented into market segment or lines of business. These profit and loss centers drive demand for product, and technology solutions for their areas. Although this model can encourage internal competition and tactical success, it has also resulted in fragmented underwriting processes, operations, data and systems. As a consequence, insurers are left with IT environments and operations that are costly to maintain and difficult to change. They also lack the resources needed to drive strategic investments.
IIS Executive Insights Regulation Expert: William Marcoux, WCM Advisory LLC
This article was originally published in the Fall 2018 edition of INSIGHTS: A Professional Journal by the CPCU Society and is shared with permission from The Institutes CPCU Society. The Society For Chartered Property Casualty Underwriters. All rights reserved. www.CPCUSociety.org
I have been asked a number of times to provide my perspective on the insurance industry in the time of the Industrial Revolution 4.0. In this piece I’ll do so, but first, how did we get to 4.0? What preceded and led to this brave new world of what’s now called “IR4”?
