Transforming Insurances: Changing Fundamentally While Maintaining Trust

Item Type Journal paper
Abstract

The insurance industry is a rather traditional industry. Major transformation was not an important issue for decades. However, this is going to change now. Among the transformation drivers are a changing regulation, the financial crisis, changing customer perceptions and digitalization just to name a few. In this article we present results from explorative studies with industry experts and consultants. We discuss major challenges for insurance companies which are dealing with two very different markets, with a very special product and with IT innovation as a constant challenge. We outline types of transformation that we have encountered, like e.g. industrialization and standardization, outsourcing and acquisition. Finally, we sketch some fields where insurance companies need to engage in order to achieve transformation readiness, including reduction of complexity, governance, and incorporating appropriate human transformation resources.

Authors Labusch, Nils; Tomic, Anton & Winter, Robert
Research Team IWI1
Journal or Publication Title 360° - The Business Transformation Journal
Language English
Subjects information management
HSG Classification not classified
Refereed Yes
Date 1 January 2013
Publisher Business Transformation Academy (BTA)
Place of Publication Basel
Number 6
Page Range 20-27
Number of Pages 8
Depositing User Dr. Nils Labusch
Date Deposited 30 Apr 2013 22:34
Last Modified 23 Aug 2016 11:16
URI: https://www.alexandria.unisg.ch/publications/222604

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Citation

Labusch, Nils; Tomic, Anton & Winter, Robert (2013) Transforming Insurances: Changing Fundamentally While Maintaining Trust. 360° - The Business Transformation Journal, (6). 20-27.

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https://www.alexandria.unisg.ch/id/eprint/222604
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