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The death of insurasaurus? Why complacent and out of touch insurers must overhaul their business, and their image, to survive

Dinosaurs

  • Due to captive audience and significant barriers to entry, insurers’ impetus to become more efficient has been limited, so they have remained relatively unautomated and very resource- and asset-heavy.
  • Customers, both individual and corporate, have a long familiarity with established industry names, and a level of comfort with their products and sales models. This has served to protect the incumbents and restrict the growth of newcomers.
  • Until recently, these barriers have been formidable defences for insurers. Over time, however, many have failed to see the gathering storm in the market outside, and they have underinvested in their infrastructure, technology and process renovation, simply because the imperative to change wasn’t there.
  • But brand loyalty is disappearing as the next generation of buyers comes to market: buyers used to a world of technology-driven service platforms, with a willingness to change their service providers often and quickly, and a high level of comfort with non-brand-name providers.

Like other corporate dinosaurs, many insurers face extinction if they don’t become less reliant on old ways of doing things and robust barriers to entry.

mark feeley chartis
Mark Feeley, global brand director, Chartis Research

However, by upgrading their tech and learning from other industries they can avoid the fate of their ancestors writes Chartis global brand director/research director Mark Feeley in this exclusive Market Insight for Insurance Post.

To view the report, click here

 

Chartis Research

Chartis Research is the leading provider of research and analysis on the global market for risk technology. Chartis’ goal is to support enterprises as they drive business performance through improved risk management, corporate governance, and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.

www.chartis-research.com

 

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