Insurance Executive Brief
Insurance Practice Expansion Helps Clients Meet Marketplace Challenges
In this issue, we introduce two acquisitions that provide important new service capabilities and value for our clients.
Meeting the Challenges
The current and emerging global environment is spawning challenges that are testing the insurance industry’s resilience as never before. Although the industry has historically demonstrated an ability to effectively respond to adverse circumstances, the new environment will require changes in the way business is conducted. Outlined below are major factors driving the need for business transformation.
Emerging Technology - Ubiquitous communication and transaction ability provided by mobile devices has turned the IT world upside down. Consumers (businesses and individuals) now drive the change process as the old IT infrastructure gives way to agile virtual structures in the cloud. In this environment, information utility is fast becoming a primary competency.
Market Uncertainty – Continuously shifting social/economic dynamics within developed and emerging markets, combined with increased global risk, has diminished the ability to forecast over the long term. Management must plan and act in near real time using insights gained from quality data.
The Connected Consumer – Countless free (or nearly free) mobile applications have given consumers virtually unlimited options for how, when, where and with whom they conduct transactions. A consumer centric organization is required to continuously meet changing demands.
Competition – Competition for consumer mind share via product/service innovation, and from new alternative players is increasing in sync with market demands. Real time actionable intelligence will be a competitive differentiator.