Digital Disruption In the Insurance Sector: Insights from the Big Five

A review of materials published by the major consultancies suggests that the insurance industry sector is recovering from the state of near panic it experienced last year–but is nonetheless still staring into the eye of a storm:

• Meeting heightened customer expectations driven by consumer service experience.
• Addressing insuretech rivals without legacy burdens that offers innovative approaches and lower costs.
• Modernizing IT estates to deliver on the above.

Technology has a huge role to play in addressing these concerns: however, to realize this value, insurers need to move beyond seeing IT as a cost center and instead view it as a strategic asset.