Innovation in technology, the growing use and availability of data, and changing customer expectations are all putting pressure on the insurance industry to transform – and fast. Alongside other forces, like the competition for new talent, product innovation, and regulatory influence, carriers are having to figure out how to navigate a wave of changes, according to Celent’s 2019 Pace of Change report, which was presented at Duck Creek Technologies’ annual Formation meeting.
To feel out property and casualty companies’ progress against six key elements of change, Celent conducted a survey of these firms across the globe, and determined that the industry overall is taking steps to improve speed to market, though there are bumps along the road to transformation when it comes to other factors.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.