In order to enable transformation to emerging business models, insurers need to both understand the current state of their organizations and have a plan to proactively lead them into the future. The speed that technologies are emerging and business models are evolving illustrates that the new pace of change is here to stay.
According to Gartner, “As insurers move into the integration and intelligence era, they need to invest significantly in new technologies, processes, and data, as well as build new partnerships to enable business innovation.”
Gartner’s research maps out the transition of the P&C and Life insurance industry from the current state through four future stages of business model evolution with a focus on five core elements: Customers, Partners, Intelligence, Things, and IT Systems.
Download this report from Gartner to learn more about their key findings and recommendations in more detail.
Gartner, Build a Business Technology Platform to Support Insurance in 2030 and Beyond Kimberly Harris-Ferrante, Laurie Shotton 26 April 2019