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PA OPINION

Are insurers really ready to join the platform economy?

"You can do brilliant things with culture, brilliant things with technology but if you aren't thinking about the customer in a different way, you aren't going to be successful" says Scott Paton. Insurers need to focus their efforts on transforming beyond being a ‘grudge purchase’ and instead become a partner who can protect what’s most valuable to customers’ throughout their life. 

And they need to focus now. Eighty-one per cent of insurers we spoke to believe they have less than five years to act before it's too late. 

Anorak’s David Vanek, Swiss Re’s Evangelos Avramakis to discuss and debate how insurers need to change, where they need to invest to be successful and where the threats will come from.
Anorak’s David Vanek, Swiss Re’s Evangelos Avramakis to discuss and debate how insurers need to change, where they need to invest to be successful and where the threats will come from.

We foresee a future of insurance that is based on ingenious new platform economies, which are all about the customer, their world and facilitating a broader set of services at their time of need. Or what we call ‘insurance-as-a-service’.  

 Did you know?

  • 56% agree digital investment and culture change are the two most important steps an insurer should make,
  • 81% believe they have less than five years to act to claim their place in the platform-based economy,
  • 51% feel big tech, such as Google and Amazon present the greatest threat to the industry.

Take the first step to revolutionising your business.

 

Contact the financial services team

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