The World InsurTech Report (WITR) 2019 from Capgemini and Efma explores the Insurance marketplace of the future and offers insights into how established insurers and InsurTechs can remain competitive in a dynamic business environment.
The future marketplace will have bundled insurance offerings with other products and services from financial services and non-financial institutions alike. To be successful in such a marketplace, insurers will have to make fundamental changes in their operating models. Deep and trusted collaboration will be critical for insurers and InsurTechs seeking to effectively maximize partnership synergies with each other and with new players.
The 2019 report also highlights the importance of being an inventive insurer for updating product portfolios, operating models, and distribution methods to address changing business dynamics and create a more personalized customer experience.
As the industry begins its transition to the future, specialized roles will emerge, and both established insurers and InsurTechs should prepare to embrace those functions that best align with their core competencies and business objectives. The infographic below shows the report’s highlights and main findings.