Disruption models a reality in insurance, says PwC report

Singapore

A report by PwC has predicted an acceleration in the creation of new business models in the global insurance industry, as innovations enter the mainstream and new market entrants unleash disruptive ideas.

The report, titled Insurance 2020 and Beyond, said digital developments are enabling new ways of doing customer profiling, developing sales leads and the tailoring of financial solutions for customers; for insurers in the non-life segment, that is, those doing general insurance and reinsurance, digital developments are improving claims assessment and settlement.