The global insurance industry in 15 years will see virtual service providers, increased standardization, products quickly tailored to individual consumers, and shifting consumer loyalties, according to an IBM study.
Old insurance models will be replaced by “pay-as-you-live” insurance–which deals with life “as it happens,” and active risk management–reducing claims management and costs by placing emphasis on preventive actions, IBM predicted.
The study also forecast that new business processes will be createdthat lower costs and broaden product appeal.
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