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Key Trends Within the Insurance Industry
Insurance continues to be a business driven by volume, but now more than ever, its players must also respond to the unique challenges posed by high-net worth clients and the growing demand for differentiated products expected by all customers.
In this competitive, customer-centric industry, companies must balance addressing existing customer needs with making investments that best position them for the future. While the exact timing of disruptive shifts is uncertain, their eventuality is not. Broadscale forces such as the ones below will transform how this industry does business; companies who do not adequately prepare for them risk losing market share to those who do.
- Self-service habits of a rising class of Millennials,
- Growing cybersecurity threats,
- Increased scrutiny from regulators, and
- The biggest transfer of wealth in history
Our recent brief describes some of the technology trends and interest areas we’ve seen within the industry this year. They demonstrate the latest thinking around the challenges and opportunities mentioned above, and revolve around:
- Digital channel engagement
- Compliance, reputational, and enterprise risk management
- Operational efficiency
This information is based on Levvel’s past and current engagements within this space, as well as conversations with industry insiders. Levvel has significant experience working with companies in the insurance industry, along with those in the related industries of banking, payments, and healthcare.