The insurance industry faces intense competition and structural changes due to the economic and social environment. To succeed in this environment, insurers need sophisticated management and consulting services to help them expand their business, boost profitability, and refine risk management efforts.
There is a big shift towards service-based offerings, for example, providing road-side assistance to go along with your vehicle insurance or monitoring services for your home security system, or providing investment advice for life and pensions to protect financial assets.
Mergers and acquisitions will be top of mind for larger Insurance companies as they acquire new products and enter new markets. Data can play a key role in solving challenges like these.