Tag: Jigyasa Singh

Despite current recessionary conditions and upended risk models, the global insurance industry will grow by $1.4 trillion between 2020 and 2025, according to our recent report. To capture a share of this growth and defend their place in the insurance value chain, insurers must reflect on where the industry is heading.

The life insurance and annuity industry proved resilient in 2021, even in the face of the many challenges associated with COVID-19. It’s now a given that the pandemic forced insurers to adopt digital technologies and operate more in the digital space. This digital shift is the source of the industry’s resilience as more companies, and customers, enjoy the benefits of their digital transformations.

Insurance is a mature and historically stable industry, operating on established, reliable business strategies and methods. However, when digital technology really began to take hold with consumers, it upended traditional insurance models.

We can all agree that COVID-19 created an unprecedented wake-up call, and organisations everywhere have had a very powerful and direct reminder of the importance of systems resilience, agility, adaptability and scalability. Now, as businesses look for ways to outmanoeuvre the uncertainty heightened by the pandemic, the focus has shifted to sustaining operations under severe disruption, flexing to address highly volatile customer demand, and managing vastly increased needs for remote network access.