Changing the way insurers think: The risk concierge concept

Digital Reinvention
16/03/2023 Article
profile picture of Christian Bieck

Christian Bieck

IBM Consulting (Germany)

Global Insurance Leader for the IBM Institute for Business Value (IBV) and Leader for IBV Europe

The risk concierge at your service

In the past, betting on change in the insurance industry never was a particularly winning play. Whether it was deregulation, the advent of the World Wide Web, or the proliferation of insurtechs, the total disruption often predicted somehow never quite came to pass. 

For years, many insurers simply equated digital transformation with ‘paperless’. In 2018, two years before the Covid pandemic, only 12% of insurance executives reported prioritizing true digital transformation. Four years later, this number jumped to 64%. So many insurers have recognized that simply digitizing existing processes is not enough. Digital transformation powers entirely new classes of risk products, broader, across more lines and with more advice and service.

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