X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
“Insurers who move from traditional to technology-led offerings that are better integrated with customer data are better positioned to lead; others risk losing revenues to digital-first competitors and new entrants,” said Kenneth Saldanha, of Accenture. (Credit: Rawpixel.com/Shutterstock.com) “Insurers who move from traditional to technology-led offerings that are better integrated with customer data are better positioned to lead; others risk losing revenues to digital-first competitors and new entrants,” said Kenneth Saldanha of Accenture. (Credit: Rawpixel.com/Shutterstock.com)

Demand for digital insurance tools and online distribution is anticipated to displace as much as $280 billion of current insurance revenue by 2025, according to Accenture, which noted current customer retention levels will be challenged by digital disruptors.

As consumers renew policies with data-driven offerings, up to $140 billion of current insurance revenue will likely shift to tech-enabled products. An additional $140 billion of current revenue is expected to transition from traditional distribution models to digital distribution experiences as shoppers move toward online channels and third-party platforms, according to Accenture.

Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

More from this author

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.