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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?

Top insurance industry issues in 2021

The COVID-19 pandemic has forced insurers to leave the status quo behind. More change has occurred in the industry in the past year than in the previous several years combined and its pace is only accelerating.

How you ride the wave of change is what will matter most in the coming year. Many insurers are taking bold steps to capitalize on structural changes in the marketplace, technology trends, and evolving customer behaviors. Where do you stand?

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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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Marie Carr

Global Growth Strategy, US Financial Services Practice, PwC US

Tom Kavanaugh

Insurance Advisory Principal, PwC US

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