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Digital Reinvention in the global insurance industry

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Executive overview

Authors: Stefan Riedel

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, Vice President, Insurance and Insurance Solutions Europe,
Craig Bedell

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, Global Insurance Executive, IBM Sales & Distribution Financial Services Leadership,
Anthony Marshall

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, Research Director, IBM Institute for Business Value, IBM Global Business Services,
Christian Bieck

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, Global Insurance Leader, IBM Institute for Business Value

Reimagining the enterprise The global insurance industry is conservative. Despite profound technological change over the past quarter-century, many leading insurers have adopted a “wait and see” posture. Fears of challenging powerful insurance broker communities, combined with almost extreme “customer stickiness” in many business lines, have held off the burning platform of disruption that has blazed brightly in industries such as retail, healthcare and banking. But disruptive innovation in adjacent industries is finally beginning to accelerate innovation in insurance. At the same time, the emergence of a vibrant insurance technology (insurtech) community is making it both easier and faster for insurers to embrace a concept we call Digital Reinvention.

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