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The digital economy and recent advances in technology are dramatically changing the way insurance is bought and sold, creating new insurance ecosystems and a new breed of competitors. We will see more change in the next 10 years than have been seen in the past 300 years in the insurance business.
We believe that the industry is heading towards a new insurance paradigm that focuses on risk mitigation and prevention, rather than on financial compensation for a loss. This trend will transform policy holders into customers, and leading insurers are already engaging with their customers in conversations about lifestyle, health, travel, driving, and recreational activities. We have already observed how this approach results in new products and engagement channels that turn insurance into a live business.
By 2019, there will be an estimated 2.5 billion people connected on personal and business social networks worldwide.1 Plus, an estimated 200 billion devices will be linked to each other through the Internet of Things. 2 Connected cars, homes, and health will enable a connected digital economy that will change how we work, live, and function as a global society.
Leading insurance companies will use this explosion of information to turn data into insights to get closer to their customers than every before, improve product and service offerings, and better manage risk. Targeted segmentation of customers, speed to market with product agility, and integrated risk and finance are key levers. Successful companies are reimagining their business models, transforming their business processes, and enabling their workforce to deliver new customer value and business outcomes in the connected digital economy.
SAP is supplying innovation that allows real-time access and processing across this sea of new information. We also provide cloud options across the full enterprise to provide flexibility not previously seen. These innovations are transforming restrictive legacy environments into modern connected platforms that help insurers leapfrog the market.
In this paper, we will explore the emerging trends and answer fundamental questions about the future of insurance. We are looking forward to joining you as a trustworthy partner and advisor on this transformation journey to the digital economy.
Global Head of Insurance Solutions, SAP
Head of Research and Innovation Insurance Solutions Insurance Business Solutions, SAP
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