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Transformation in Insurance

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Digital Transformation in Financial Services
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Abstract

The international insurance sector has navigated the global financial crisis in a much easier way vis a vis the banking one. More limited restructuring and liquidation activities were required to ensure its survival. However, within the global financial system, it now looks to be the most impacted one—as the technological innovations and the related digital disruptions are posing an unprecedented number of competitive threats. The level of discontinuities expected in the insurance sector suggests how the transformation challenge (and related risk) for insurance companies could be the highest in the system, and requiring an even more radical re-thinking of their business and operating model. Their “synapses” opens up a number of opportunities as well, as the new data and intelligence available and the new interconnection plays could allow not just to create value for multiple stakeholders, but also address the very “old” risks being underwritten—dramatically reducing or eliminating some of them. The question is then whether insurance companies have a better chance than FinTech to do that and how they can justify and secure a fair share of profits on arising new risks.

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Notes

  1. 1.

    Financial Times, digital innovation and self-driving cars, March 2017.

  2. 2.

    AlixPartners estimate, based on triangulation of public information.

  3. 3.

    Allianz, company investors presentation and other information available on its website (April 2017).

  4. 4.

    Progressive, company investors presentation and other information available on its website (April 2017).

  5. 5.

    Swiss Re research, 2016.

  6. 6.

    Financial Times, “AXA chief fears tech threats to insurers” health business. Oliver Ralph. 18 December 2016.

  7. 7.

    The Economist, A New York start up shakes up the insurance business, March 9th 2017.

  8. 8.

    The Economist, Counsel of protection, March 9th 2017.

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Correspondence to Claudio Scardovi .

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Scardovi, C. (2017). Transformation in Insurance. In: Digital Transformation in Financial Services. Springer, Cham. https://doi.org/10.1007/978-3-319-66945-8_10

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