Skip to main content Skip to Footer

LATEST THINKING


Insurance as a Living Business

Explosive growth – a $375 bn opportunity for hyper-relevant, customer-centric insurers

A $375 billion growth opportunity is emerging in the insurance industry. But not all insurers will be able to take advantage. Those that succeed will be what we call ‘living businesses’.

These are organizations with unwavering customer-centricity, fluid models and flexible platforms and talent. They understand their customers, and adapt and innovate constantly – at speed and scale – to remain hyper-relevant. Their vitality and responsiveness to their environment enable them to evolve perpetually, just as living organisms do.

The opportunity comprises entirely new revenue sources; improved, profitable penetration of hard-to-reach segments; and the expected impact of shifts in market-share. It will disproportionately benefit insurers that become living businesses, at the expense of their less responsive and competitive peers – those that choose to wait and see how the industry evolves.

 

GROWTH POTENTIAL OF THE INDUSTRY OVER THE NEXT FIVE YEARS

$375bn

Potential new revenue
worldwide, by 2022

$177bn

Revenue from new streams
and enhanced operations

$189bn

Value of the anticipated
market-share shift

Of $375bn, we predict $147bn will be commercial, $117bn will be personal lines and $111bn will be life.

New revenue growth opportunities by line of
business

Of $375bn, we predict $143bn will be in Asia Pacific, $129 will be in North America and $105bn in Europe.

New revenue growth opportunities by
region



INTERACTIVE CALCULATOR

Use our interactive calculator to estimate the size of the opportunity available to your organization.

WHAT WILL IT TAKE TO PROFIT FROM THIS OPPORTUNITY?

WHAT WILL IT TAKE TO PROFIT FROM THIS OPPORTUNITY?

WHAT WILL IT TAKE TO PROFIT FROM THIS OPPORTUNITY?

Not all carriers will be able to take advantage of these emerging opportunities. From their culture and leadership to their corporate structure, talent pools and IT architecture, many lack the customer-centricity, flexibility and vitality to respond effectively.

Living businesses, however, regard the customer as their focal point, and hyper-relevance as the acid test of all they do. Relatively simple organizations, they understand how risk is evolving in a digital era, and how the roles of customers and ecosystems are changing. And they continuously hone their ability to create, recognize and seize new opportunities.

READ MORE ABOUT BECOMING A LIVING BUSINESS

Our detailed report delves into the new revenue opportunities that digital disruption is uncovering for life, commercial and personal lines P&C insurers.

It also explores the winning traits of a living business – hyper-relevance, agility, vitality and innovativeness – and spells out the steps carriers must consider to become winners in an increasingly unpredictable marketplace.

LEARN MORE ABOUT OUR AUTHORS

Accenture’s consulting expertise, together with our deep understanding of the insurance industry and an unmatched delivery and operational capability, position us ideally to help you become a living business.

To find out how to get started, contact one of the authors to set up a meeting.