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

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Insurance Reimagined Report

Insurance Reimagined Authors

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

The insurance industry is facing a number of significant challenges, but it also presents significant opportunities for disruption and transformation”

— Chander Nagpal

SAN FRANCISCO, CALIFORNIA, UNITED STATES, October 3, 2023 /EINPresswire.com/ — OpenExO, today released a new report titled “Insurance Reimagined.” 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 here

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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Article originally published on www.einpresswire.com as New Report Explores Ten Critical Shifts and Recommends Nine Transformation Initiatives to Shape the Future of Insurance

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