The insurance industry has several vectors that require them to pursue transformation initiatives:

1. Innovative Products and Ecosystem Orchestration: Develops innovative differentiated, and customized products to address unserved/underserved segments or new, emerging risks via advanced analytics and pay-as-you-go pricing. Develop embedded insurance products marketed through an integrated ecosystem (typically via partnerships) that offers customers “more than just insurance,” to win at the point of sale.
2. Insurance Lifecycle Digitalization and Cloudification: Leverage advanced cloud technology and Data/AI capabilities across the entire insurance lifecycle to create a seamless, digital-first experience from quote and sale to claims. Drive simplicity in product features and achieve competitive pricing.
3. Impact of Sustainability, Climate, and Human Sociological Change: Integration of sustainability is a fundamental part of the insurance business model for insurers to proactively mitigate risk by improving community and environmental conditions. These include climate change-related risks such as flooding, extreme temperatures wildfires, etc. Another key dimension is the rapidly changing needs of our population for healthcare given enhanced longevity, better access to healthcare, increasing impact of lifestyle diseases like diabetes and hypertension, etc. Insurers need to enhance their operational and actuarial models to account for these changes and increase investments in mitigation techniques to proactively influence their clients to manage and mitigate the risk.
4. Workforce and Technology Transformation:  As insurers invest in technology to move data quickly and seamlessly throughout the value chain, the human capital aspect has become even more elemental to an insurer’s success. Training and reskilling of the workforce to leverage and apply advances in technology trends like cloud, AI, IoT, etc. are also a critical differentiator for their continued growth and profitability.