Choosing Innovation Over Cutting Costs: Market Opportunities and Challenges in the Insurance Industry
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Beschreibung
The insurance industry is in a period of fundamental change worldwide. Globally, premium income still increases, especially because of the developing markets e.g., China. Nevertheless, current business models will only generate declining revenues in the future. Therefore, beyond simply optimizing existing business models, the industry needs to be investing in innovation, which allows the development of new business models.
A basis for business model innovation is specialization and componentization, which allows differentiation in the market and the ability to focus on its own strength. This is also a prerequisite for the industrialization of processes, which enables insurers to reduce the inhouse production depth and to increase organizational efficiency. Straight-through processing enables an integration of in-house and field services. Customer focus is of key importance, es-pecially in mature markets, which only allow limited growth of new customers due to demo-graphic changes. The customer-centered approach needs to supersede the
productcentered view, which currently dominates. Seamless integration of sales channels is a key for success within this scenario.
In the coming years, the insurance industry will experience a radical transformation, which will force insurers to adapt (or disappear) and lead to the development of new products,
services and business models. This transformation will center on new, flexible insurance busi-ness models, which will support products that are dynamically tailored to changing life or business circumstances. New technologies and the innovative adoption of those technolo-gies will be a catalyst and supporter for expected changes.
Norbert is General Manager, Insurance Industry, IBM. In this position he is responsible for leadership of the Global Insurance Team, as well as IBM's overall strategy and revenue for the insurance industry.
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Norbert Dick
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Automation Industrialization Innovation Insurance SOA Standardization Versicherungen