In a recent report, , our colleagues Michael Fitzgerald and Niall Williams at Celent surveyed property and casualty carriers about six factors driving change in the industry.
When asked, "Identify the degree to which these drivers will change the insurance industry," respondents ranked customer expectations, data, tech innovation and talent as the top drivers.
But when asked about their own progress in addressing these drivers, ("How quickly is your company making progress against each driver?"), the respondents nearly flipped the order of the list.
A third question involved confidence in delivery. Report authors noted that "when asked how confident they are that their company has the processes, technology, and culture to make needed changes at an acceptable speed, half are somewhat confident or less. In other words, the insurance professionals who responded ot the survey believe success is a toss-up."
The message coming from carriers is clear: accelerate. The report concludes that leaders will break this tie by aggressively identiyfing the areas of their business that will enable them to move at a speed sufficient to keep up with the emerging pace of change. Based on survey feedback, the priorty areas are Customer Expectations, Technology Innovation, and Increased Data.
Read the full report, Pace Of Change: Critical Drivers Impacting The Transformation Of Insurance.