Welcome to our sixth edition of Four For the Week (44TW)! To browse previous editions, please see our blog. This week we’ll be inspecting the 3 R’s of the P&C industry as laid out by McKinsey, some thoughts on a relatively touchless claims future provided by Insurance Thought Leadership, the real challenges & benefits of a long-term work from home strategy according to Genpact, and we’ll finish with a nostalgic (pre-pandemic), but still relevant article from Deloitte about the 2020 state of the union in the insurance industry.
1) Resilience, Relevance & Reinvention – The Three R’s of Property & Casualty – McKinsey – Q2 2020
Strategy & Innovation
Denis Connolly, VP, Corporate Development
The insurance industry is often perceived as complicated and slow moving. Yet insurance is one of the largest global industries, generating more than $5 trillion in annual revenue. It plays a critical role in today’s economies, offering financial protection and risk mitigation to individuals, small businesses, large corporations, nonprofit organizations, and even governments. As a whole, property and casualty (P&C) insurance represents $1.6 trillion in premiums (about one-third of the insurance industry) and remains one of the few industries that has yet to be deeply disrupted.
2) The Pandemic and a New Ecosystem
Technology & Connectedness
Claimatic Team
Stephen Applebaum, managing partner, Insurance Solutions Group, is a subject matter expert and thought leader providing consulting, advisory, research and strategic M&A services to participants across the entire North American property/casualty insurance ecosystem. Insurance is is coping better than most would have ever imagined, thanks to the technologies that have been gradually but surely emerging for at least the past two decades.
3) The Future of Work in a ‘Phygital’ Environment
Technology & Connectedness
Denis Connolly, VP, Corporate Development
People are wired to be with other people: our colleagues, our friends. And our facilities reflect that idea. Specifically, at work, proximity promotes trust, and trust creates the social capital that’s needed for collaboration. That capital must be created and periodically rekindled, and this is particularly true for new employees who need to find their place in the enterprise network. It is also true of younger employees because the workplace is a big part of their social network.
4) Insurers adapt to grow in a volatile economy – a flashback to contrasting comparisons for the insurance industry outlook in January – Deloitte Q1 2020
Technology & Connectedness
Claimatic Team
The global insurance industry is scrambling to grow and maintain profitability amid maturing markets and volatile economic conditions, all while reinventing their products, operations, and business models to cover evolving exposures, satisfy rising consumer expectations, and integrate new technologies. How well insurers resolve the “synthesis challenge”—integrating innovation in technology, talent, and business models into change-resistant legacy environments—may be the biggest success factor for the industry in the decade ahead?
