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After the shock - insurance in 2021 and beyond

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These are challenging but exciting times for the insurance market. The landscape is changing at an accelerating rate, creating opportunities and threats to incumbent players within the industry. Here are some key questions for you to consider: Summary What is your data strategy? How can the growing levels of data available be used to drive better business outcomes? Who is in your ecosystem? Which partners could complement your product and would – when combined with insurance cover – add additional value to your customers? Is your product adding value? Does the proposition you provide add continual value to the customer? Is it personalised? Is it preventing claims occurring? Is your digital offering sufficient? Does the online service that you offer to customers and/or broking partners match the expectations set outside of the insurance industry? Is your technology architecture set up to innovate? Do your systems possess the data tools and open architecture required to thrive in the modern insurance landscape? Of course, these are high level questions, but I hope they can fuel internal discussions. I do not want this report to be marked as "quite interesting" (though hopefully it is); my desire is that it sparks innovation. I genuinely believe that the insurance market is changing for the better, and I'd love to help you successfully adapt to these new conditions in a profitable manner. If you would like to discuss anything covered in this paper in more detail, please do not hesitate to contact me using the details below. Stephen Richardson Market Consultant at SSP stephen.richardson@ssp-worldwide.com For more information on SSP thought-leadership events and white papers, contact us at marketing@ssp-worldwide.com or visit www.ssp-worldwide.com ©SSP Limited 2020. All rights reserved

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