On the investment side insurance companies face issues on the current capital markets, but also struggle with top line effects due to financial budget restraints of retail and commercial clients.
Measures to organize survival mode have already been taken
Employees switched to remote work and remote client service has been safeguarded. But how will the insurance industry continue to change and how can executives prepare?
Structural mid- and long-term industry changes like growing risk awareness while increased price sensitivity and increased digital interaction in daily life need to be taken into account. Success mechanics should be analyzed and impacts on profit pools have to be closely managed with data-based measures.
We recommend three strategic measures:
- Drive hybrid interaction models
- Be part of the finance platform economy
- Scenario based steering model