Amid uncertainty, carrier executives demonstrate an awareness ofwhat's to come from changing consumer demands and the progressionof technology. But they seem content to slowly evolve to meet thesechallenges, rather than making drastic and immediate changes totheir businesses.  

The insurance industry is engaged for an evolutionary change,says KPMG in its 2014 Insurance Industry Outlook Survey, andcompanies that take revolutionary actions will be the winners inthe new insurance marketplace. 

Read on for KPMG's top 10 steps for revolutionary insurers:

Strategic Refocus

1. Evaluate product mix based on customer focus, profitabilityand capital useage

2. Incorporate technology strategy into refocusing sessions

3. Consider M&A to gain new markets, talent, products,customers, technology, data analytics capability and effectiveregulatory capital management.

Next slide: Customers are front andcenter

Customer "Front and Center"

4. Use data analytics and social networking to gain anunderstanding of customer needs and develop products and pricing tomeet those needs.

5. Design, develop and deliver engaging, seamless customerexperiences across traditional, digital, social and mobile deliverychannels.

6. Measure customer experiences and make course corrections andimprovements based on scores.

Next slide: Regulations and talent

Regulations

7. Build a flexible and agile infrastructure–includingtechnology and workforce–to respond to increasing regulatory volumeand uncertainty.

Talent

8. Attract, train and retrain the right talent to help build acustomer-focused, data-driven business model.

Next slide: Data andinfrastructure

Data and knowledge

9. Build a data analytics capability to facilitate sophisticatedpreductive analytics for underwriting pricing, customer acquisitionand experience, claims management, ERM and fraud prevention.

Infrastructure

10. Tackle IT legacy issues to facilitate migration to acustomer-focused, data-driven business model.