New Report Explores Ten Critical Shifts and Recommends Nine Transformation Initiatives to Shape the Future of Insurance

OpenExO’s new report “Insurance Reimagined” identifies key trends, challenges, and practical solutions for insurers to navigate industry transformation.

SAN FRANCISCO, CALIFORNIA, UNITED STATES, October 3, 2023 /EINPresswire.com/ -- OpenExO², today released a new report titled “Insurance Reimagined³.” The report provides a comprehensive overview of the key trends and challenges shaping the insurance industry, as well as practical recommendations for how insurers can thrive in the years to come.

The report identifies ten critical shifts that are transforming the insurance industry:
Struggle to generate returns
Risk landscape getting riskier
Portfolio sustainability
Protection gap
Emergence of collaboration
End of low-interest rates
Evolving regulations
New customer persona
Ever-increasing competition
Talent relevance

The report also recommends nine transformation and evolution initiatives that insurers can take to address these challenges and position themselves for success in the future:
Go beyond risk transfer
Embed blockchain for efficiency
Launch peer-to-peer insurance
Build integrated healthcare
Foster experimentation
Embrace artificial intelligence
Products for the audience of one
Offer pay-as-you-use
Become an ecosystem builder

“The insurance industry is facing a number of significant challenges, but it also presents significant opportunities for disruption and transformation,” said Chander Nagpal, one of the Report Authors. “Our new report provides a roadmap for insurers to navigate the changing landscape and thrive in the years to come.”

The full report is available for download here¹

The Report is authored by Chander Nagpal (Switzerland), Clint Unseth (Canada), Lance Peppler (UK), Magdalena Iordanova (Germany) and Thomas Anthony (USA). The insurance industry is at an inflection point. From being an industry that hasn’t been very forward-looking and not performing well, the Insurance players have the chance, perhaps even the duty, to move beyond underwriting and reimbursing losses, and play a strategic role in building a resilient, sustainable future.

This report is a must read for anyone in the Insurance industry to get a clear picture of where the industry needs to go to take advantage of Exponential Technologies and the shift we are seeing in the world. In addition to the Shifts and Transformations the report also highlights how insurance firms can review their organizational capabilities, transform beyond digital, challenge the execution gap and Implement Exponential Organizations.

Kent Langley
OpenExO, Inc.
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¹ https://web.openexo.com/insurance-reimagined/
² http://openexo.com
³ https://web.openexo.com/insurance-reimagined/