Insurance business strategy

Take action today for immediate impact and sustained advantage in the insurance market

The insurance industry is undergoing more upheaval than any other. Disruptors include changes in industry regulation, customer behavior, distribution channels, traditional and new competitors and core technologies of production and service.

  • Can you quickly and decisively respond to important new challenges and opportunities?
  • What will your markets look like, who will be your most important customers and competitors, and how are customer expectations likely to change?
  • How can you get closer to customers and better understand their needs?
  • Is your business nimble and innovative enough to compete with the mobile companies, internet providers and other new entrants that are making inroads into the market?

Next in insurance 2023 Scenarios for the next year and beyond

Because the trends affecting the insurance industry will continue to manifest longer than in just 2023, this year’s “Next in insurance” is looking beyond just the coming year to the rest of the decade. Change will remain constant and - as was the case with work and customer service models during the pandemic - sometimes be very sudden. But the factors spurring it will remain much the same as they are now:

  • The ever-increasing growth of digital channels, wider distribution points via partnerships and embedded options, and enhanced analytics are integrating markets. Policy options will only grow and barriers to entry ease.
  • Social responsibility and ESG remain critical. This is about more than maintaining a positive brand and extends to helping clients and society mitigate - even prevent - natural and human catastrophes, cybercrime and other loss incidents.
  • Insurance companies can no longer be merely sellers of generic policies. They have to be technology-enabled - not just “digital” - in order to agilely assess and price risk and serve customers in the situations they need, learn about and purchase insurance.

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Accelerating insurance transformation and creating value

Business design

  • Define growth strategies to capture market share.
  • Design operating models to reduce complexity and improve effectiveness.
  • Create operational and technology strategies to improve market responsiveness.

Information advantage

  • Enhance analytical capabilities and seek new insights to create an information advantage.

Mobilization and execution

  • Transform core operations and platforms to improve operating leverage, market agility and operational effectiveness.

Customer impact

  • Develop and improve direct distribution capabilities and integrated multi-channel strategies.
  • Explore new capabilities that online strategies enable.
  • Guide customer-driven innovations and product speed-to-market.

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35:17

Insurance customer experience: Encouraging curiosity

PwC's Marie Carr and Bruce Brodie talk with PwC advisor Toby Alfred about how insurers can improve the customer experience and consequently their bottom line.

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Jim Quick

Insurance Consulting Leader, PwC US

Marie Carr

Insurance Consulting Principal, PwC US

Tom Kavanaugh

Insurance Advisory Principal, PwC US

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