Unlike at companies in many other industries, insurance business models have remained relatively unchanged for many years. Even the impact of digital disruption on customer behavior was slow to catch up in the industry.
The inherently risk-averse culture of insurance companies has made them slow to evolve, but industry leaders began introducing the topic of transformation several years ago. Defining an approach to institutional data was among the first topics addressed for most companies.
Author: Justin Cerilli & Giles Orringe