So what should the C-suite at traditional insurance companies do?
- Commit to your chosen business and distribution models, moving beyond a succession of pilots
- Proactively define your position in new ecosystems, cooperation models and partnerships
- Move from indemnification to real-time protection
- Make innovation and customer-centricity the cornerstones of distribution strategies
- Strive for simplicity of access, transactions and offerings
- Focus agents on advice, value-add and deeper customer relations
The bottom line is to maintain a competitive advantage in a disruptive marketplace, insurers in Asia-Pacific need to move swiftly and assertively.
Sign up for CIO Asia eNewsletters.