Strict regulations, fierce competition, new technologies and ever-increasing customer expectations are transforming the very nature of the insurance business. An industry that focuses on managing risk, the insurance sector is itself grappling with sweeping changes. This is particularly evident as insurers seek to protect themselves from the increased level of risk brought on by new business models, regulations and technologies.
The interconnected risk across rising urbanization, increasing polarization of societies, changing climate, rise in chronic diseases, evolution of geographic mobility and more will affect the insurance business. To make matters worse, cybersecurity risks are only growing in their prevalence, sophistication and disruptive potential. Additionally, new technologies like the Internet of Things (IoT), artificial intelligence (AI), cognitive computing and blockchain will transform the entire insurance value chain to benefit customers as well as smart insurers.
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