We could add “Not all Dutch insurers withstand the EIOPA Insurance Stresstest 2014” regarding the SCR (Solvency Capital Requirement) to the list of issues the Dutch IC’s have to deal with, but we don’t. On top the Dutch Insurance Association has expressed doubts regarding the outcome; so we’ll see.
Today we look at the opportunities: “The 4 D’s of Insurance” as published in a whitepaper by Target Group last Friday.
Those 4 D’s came out as the result of a UK survey among insurance professionals in different areas, about their hopes, plans and fears for the industry in the future. So what needs to be done to meet customer demands and keep new entrants at a distance? It’s mainly about a solid response to the following 4 D’s:
Dynamic
the growing need for dynamic products that reflect customers’ requirements.
Distribution
changing distribution patterns to reflect customer expectations and engagement.
Data
increased use of which must be harnessed to competitive advantages.
These “Three D’s” will form a large part of the industry’s response to a “fourth D” that is a consistent theme in the report:
Disruption
the disruption new technology is bringing to the market
Anyway: It’s good stuff to read again coming from a currently leading market.
