InView - Winter 2018
Welcome to a the latest edition of InView, which focuses on the highly topical area of risk management and the digital revolution.
Welcome to the latest edition of InView, which focuses on the highly topical area of risk management and the digital revolution.
Make no mistake, digital is the new normal. It has already transformed industries such as media, transportation and retail and is now sweeping through insurance.
From mobile devices that make interactions possible anywhere, anytime, to proliferating social media channels, from cloud-based infrastructures to high-powered analytics tools that convert raw data into actionable insights, digital is transforming the entire insurance value chain.
The traditional role of the insurer is being transformed as digitisation takes hold. It is rewriting the rule book for all elements of insurers' businesses. New technologies and processes like data analytics and machine learning represent major opportunities, but also pose a competitive threat to those that are late to the party.
Like the technology itself, the insurance industry's understanding of the impact of digitisation is evolving rapidly. To prove this point, we are grateful to our external contributors in this issue – Adrian Thornycroft, programme director of the London Market Group's Target Operating Model (TOM) and Julia Graham, deputy CEO and technical director at Airmic.
Adrian shares his frank views on how the world's pre-eminent insurance market is going through the gears of digital modernisation while Julia explains why cyber risks are at the top of the corporate governance agenda.
Adapting to a new digital landscape presents many challenges for insurers as they introduce new channels to market while simultaneously remodelling traditional ones. For those insurers ready to seize the initiative the opportunities are considerable - but so too is the need to put in place robust strategies to combat emerging digital risks.
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