The rapid convergence of the skilled human with the intelligent machine is changing business models and transforming the playing field at breathtaking speed. It is no longer a question of “what if” but rather one of “so how”. It is a world going hyper-digital with many and varied consequences for the insurance space.
The questions of how companies can continue to sustain profitable, current business models, and at same time reach out into this digital/ insuretech space for future success – will prove the most challenging. It will be compounded by the pressure to provide more inclusive models and structures for the billions currently excluded as well as the new curious and demanding customer.
Achieving this balance will require the modern actuary in any business space to acquire and lead out a new world view armed with alternative skills sets that can deliver to the brief.
The Journey Through the Line is a practical one, sweeping us across the innovation landscape in the insurance industry, illustrating with examples and strategic theory, how actuaries are indeed responding to this challenge. It looks at innovations in the client experience value chain right now, shares some strategic models being adopted and demonstrates how different companies and industries they are dealing with and creating new models in this alternative and disrupted landscape for the new tomorrow.