Insurers must "innovate or die," according to a new Accenture blogpost. To survive, they must adapt to the spread of digital technology and implement a range of initiatives, including developing new products, improving customer experiences, securing additional markets, adapting internal skills and culture, and changing employee tasks. Competition within the insurance market will intensify: in year, insurtech start-ups have secured $2.5bn and many other tech firms are targeting the sector.
Insurers must "innovate or die," according to a new Accenture blogpost. To survive, they must adapt to the spread of digital technology and implement a range of initiatives, including developing new products, improving customer experiences, securing additional markets, adapting internal skills and culture, and changing employee tasks. Competition within the insurance market will intensify: in the last year, insurtech start-ups have secured $2.5bn and many other tech firms are targeting the sector.