Three major shifts can undermine digital strategies that ignore economic realities. Digital: -
- DESTROYS
- DRIVES
- REWARDS
Destroys- Digital destroys economic rent creating more value for customers than insurers.
Drives- Digital drives "Winner Takes All" leading to big winners and losers at top and bottom of a steep power curve
Rewards- Digital rewards First Movers and Fast Followers; fleetest of companies enjoy more than double the Three-Year Revenue Growth rate of insurers playing it safe
Insurer strategies that ignore these economic realities face failure. Partnering with the right insurtechs is one means of being fast to market and effective to avoid the potential failure of economic downsides.
References
Winner takes most in digital transformation
Back to the Future with Insurance DX Platforms?
Paris, London, Munich & global hot insurtech startups- what's in it for insurers?
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