Increased evidence that incumbent insurers under threat from digital giants.
It is hard for executives in an industry founded on being risk-averse, high control, reliable and predictable to turn things on their herad.
Yet that's they must do. They must beat disrupters at their own business and offer unsurpassed products, business models and:-
It is thought that the delivery service provider wants to capitalise on its reputation for good customer service – something the insurance industry is often accused of being one of the worst for. GlobalData financial services analyst, Patricia Davies, said: “Amazon has a positive reputation for putting customers’ needs at the heart of its propositions, something the insurance industry has really struggled with, especially after the likes of the PPI scandal.” The insurance industry is facing severe digital disruption in the coming years as a result of evolving technology – another potential area that Amazon could exploit, according to the analysis.
http://www.theactuary.com/news/2017/11/amazon-set-to-disrupt-uk-insurance/?sthash.ohvW4zF9.mjjo
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