Life Insurance Reloaded

With rapid changes in the operating landscape, insurers will need to invest in robust mid-term and long-term digital strategies

- Parvez Mulla

HENRY MINT- ZBERG once said, “When the world is predictable you need smart people, when the world is unpredictable you need adaptable people.” None of us will remain immune to the unpredictable and dramatic changes in every sphere of human existence driven by technology and its side effects. The implications of these changes on our food chain, health, transportation, communication, environment, jobs and economies in general are unknown today. Despite challenges of predicting the future, there is solace in the fact that over the ages, human ingenuity has made life better for society at large and adaptation to these changes will remain the only constant.

Technology evolution is one of the largest mega trends disrupting the world at large and insurance business is no exception. Today's consumers are more informed, more empowered and more social with higher-than-ever expectations of their service providers. They demand immediate gratification and tend to be impatient when they do not get what they want. They live and operate in a hyper connected world of disparate service providers leaving behind a complex trail of digital footprint.