Key Questions to Consider
To prepare for the inevitable transformation of the insurance industry, insurers need to start asking themselves critical questions that will help provide a comprehensive assessment of their organization.
Three areas to explore in this aspect include insurers’ current capabilities, their readiness for change, and how they want to position their business in the future. Insurers need to especially evaluate where they stand on customer experience, understanding changing customer expectations, their data and technology capabilities, and the adaptability of their systems and processes to help navigate a rapidly changing business environment.
Assessing their enterprise along these dimensions will help insurers identify the weak links in their business and prioritize their future strategies and investments accordingly.