Ernst & Young released some time ago a report titled “Insurance in a digital world: the time is now.” Cognizant’s Sameer Dhanrajani found that it had a number of useful insights. Here are some excerpts:
Insurance companies face conflicting challenges. They must contend with continuing instability in financial markets, low interest rates, increasing acquisition costs, changing regulation and catastrophic losses from ongoing natural disasters. Yet the global insurance market shows unprecedented growth potential, whether it is the sizable global population moving into retirement with greater life expectancy and health protection needs or the massive emerging markets of South America, Asia and Africa demanding the full suite of insurance products. But the toughest challenge faced by the insurance sector is the one that is transforming consumer behavior and business models—digital technology.
I encourage you to read the whole report. Click here to download it.