Insurers must "innovate or die," according to a new Accenture blogpost. The blog post from the consulting firm says that while insurers are still trying to figure out how much they can charge for health care services, they're also looking at ways of reducing costs. 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.
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.