Insurance 2020

Innovating beyond old models
Looking beyond this decade, the insurance industry's current mode of operations will likely reach a point of diminishing returns. The aggregate capabilities of existing and emergent technologies almost guarantee that the next several years will mark a fundamental change in the industry. The question is how can insurance carriers profit from these changes?

"Insurance 2020: Innovating beyond old models" is a year long study conducted by the IBM Institute of Business Value with dozens of global and U.S. insurance industry executives. It found that current standards will survive, but will not provide the kind of growth the industry seeks. Responding to changes in demographics, technology, information and other areas, insurers will create dramatically different products, services and business processes.

"Technology is creating a new playing field for this industry. Customers have access to virtually unlimited information—once the domain of the carrier. They're savvy and informed, and know they have choices. These same information sources are enabling niche players to enter the game from a variety of sources and they are creating an interesting competitive landscape," noted a chief technology officer who took part in the survey.

Learn about the strategic challenges insurance companies will face in the marketplace of the future and explore ideas for moving from today's realities to tomorrow's potential.

Get your copy of Insurance 2020: Innovating beyond old models

To see the IBM innovation in action, consider walking through a re-engineered life or non-life (P&C) insurance business process. See how insurance component business modeling, insurance messaging standards, application componentization and an underlying service oriented architecture can help you transform your business.

Prototypes for insurance innovation

For a more detailed understanding of IBM's approach to transformation and the IBM insurance business solutions available, read the "IBM insurance primer."

IBM insurance primer