30 April 2018
Change is being forced on the insurance industry whether they like it or not. Several of the orthodoxies traditionally underpinning the industry are being challenged and disrupted. Customer expectations are increasingly being set by unrelated or adjacent industries. Technologies allow startups to compete using customer centricity, as opposed to products, as their value offering. And a new insurance paradigm is being crafted regardless of whether incumbent insurers choose, or are able, compete in a new digital age.
At the heart of the digital age is a shift from Insurance 1.0 in the past to Digital Insurance 2.0 for the future. Insurance 1.0 business models of the past 50+ years have been based on the business assumptions, products, processes, and channels for a different generation of buyers. Today, Millennials and Gen Z influence is growing and intensifying, significantly shifting the fundamental business models of all businesses, including insurance, by demanding the use of digital technologies and new products and services that align to their demographics, needs and expectations … creating Digital Insurance 2.0.
MGAs are in a unique position to capture this opportunity. New business models and products are being launched by MGAs to meet the shifting customer needs in Digital Insurance 2.0. What will a digital generation of the insurance industry look like? What are the reactions to the market and potential customers for these new models and products? What can you learn to use in your operation to compete?
The MGAA Social will take place on Thursday 24th May 2018 at the House of Lords.
Further details to follow.
24 May 2018
MGAs: The Future of Insurance