PA Consulting Group

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The future role of Insurance

In the past, the insurance industry has been a conservative market characterised by inertia, opaqueness and a lack of customer intimacy. Today, it is on the cusp of rapid, large-scale change.

In our vision of the future, we see insurance becoming a customer-centric proposition whereby insurers proactively provide tailored end-to-end protection to their customers – and their customers’ families, goods, assets and businesses – throughout their lives.

Central to this will be advances in real-time data generation and analytics to understand behaviours, personality and needs. Advanced telematics will provide richer insights, such as contextual information in real time to understand driver behaviour. Wearable devices will enable proactive intervention with medical treatments, recommended physical exercises and overall protection. Building sensors will enable proactive intervention in the event of flooding and subsidence. Changes in personal circumstances, such as new purchases or overseas travel, will be anticipated and cover will be automatically provided. Finally, new propositions will be provided via collaborative platforms to fulfil financial needs at different life stages such as pregnancy and retirement.

Watch our vision of the future below.

Anita Chandraker

PA digital expert 
Email | LinkedIn

Scott Paton Insurance Consulting

PA insurance expert 
Email | LinkedIn

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