Does the 2025 vision for your company include alliances with other competitors? What about IoT and AI? As the global business economy continues to evolve from industry-specific offerings to new digital network economies, alliances with other companies, even competitors, are key to creating new value for customers and harnessing the power of disruptive technologies. We’re at a tipping point for the new network economy. This “blurring of industry lines” will result in an estimated US $60 trillion worth of growth, according to McKinsey estimates. Insurers already touch many of these networks – health, property, travel, life, housing – and first-movers that consolidate partnerships will gain a critical advantage. Are you prepared to compete in a world of sectors without borders?
Blurring the Lines: From Risk Management to Cross-Industry Partnerships Focused on Prediction and Prevention
These competitor alliances are part of a broader industry movement from business models focused primarily on risk management to cross-industry partnership models focused on prediction and prevention. A key part of this transformation is unlocking trapped value from unprecedented amounts of data to deliver the seamless, digital-first experiences customers expect. To do so, insurers must focus on three key priorities: digital engagement; protection services; and data-driven insights. These priorities comprise what SAP calls the “2025 vision.”
To achieve the 2025 vision, insurers should harness the power of the ever-growing amount of data generated by the Internet of Things (IoT) to accurately track customer behavior and engagement. They can use artificial intelligence (AI) and machine learning to enable more-secure processes and transparency– supporting risk mitigation for their policyholders. Blockchain can be used to help insurers automate the settlement of claims by leveraging business rules that are encoded into smart contracts. These actions will provide an opportunity to intelligently connect information and quickly deliver innovative products and services to improve customer loyalty and satisfaction.
Keeping pace with these changes — and what your industry peers are doing — isn’t easy. As digitization continues to break down traditional industry barriers, connecting with thought leaders is critical in the new world of “sectors without borders.” SAP’s industry conferences bring together pioneers in insurtech, fintech and more to help you make these critical connections. These are the connections and the technology that will help your business grow, transform and disrupt.
Be Where the Change Happens: The Future of Insurance Conference
Are you ready to explore emerging business models, see groundbreaking technology first-hand, connect with industry leaders and start building those partnerships critical to long-term success?
Join us at the Future of Insurance Conference in Singapore on March 17-18, 2020:
- Learn directly from insurance executives about their SAP 2025 strategy and investments
- Evaluate technological innovations and build the business case for your company’s transformation
- Share experiences to further your knowledge about the industry and business operations
- Build strategic partnerships to expand your audience and customer base
Don’t be left behind: be where the change is happening. Join this network of insurance leaders to build a new 2025 vision. Register for the Future of Insurance Conference here and be part of this exclusive group.