Insurance

Industry

Aiming for a service industry with greater resilience, contributing to a more secure society

As Japan’s society ages and the population declines, the risks it faces are undergoing structural change. There are rising concerns over more frequent and intense natural disasters and the rapid spread of infectious diseases. The insurance industry must provide more reliable compensation and guarantees in its role as a social safety net in the face of such risks. They must also become a service industry to provide security and health to more people, going beyond the role of a mere economic fallback.

ABeam Consulting is ready to support transformation in the insurance industry.

Industry Agenda

Going beyond the “bounds of a traditional insurance company” with co-creation and digital technology

The economic environment surrounding the insurance industry is growing more challenging as  Japan’s population declines. The industry is pressed to rethink its business domain.

The insurance industry has worked closely with other industries to develop products that deal with a wide range of risks. But as digital technology and a borderless society advance, the industry can also take advantage of these strengths to contribute to a healthier, more accident-free global society.

A key success factor in advancing these measures to achieve quick results will be their ability to co-create with other industries and gain the knowledge required to create new value.

“Personalized customer experiences” that combine the digital and real worlds

Insurance companies must understand their customers and provide better customer experiences in a market environment of diverse consumers and high-volume information exchanges.

Insurance companies already have a variety of customer contact points across digital and real-world spaces (websites, social media, contact centers, public organizations, sales staff and brokerages, and accident handling service departments). Efficiently integrating and analyzing all gathered data and finding optimal processes for each individual customer is part of the social mission of insurance companies. Competitive edges will come from enhanced data management and the agility to quickly adapt processes.

Demand for insurance products rises when life events and large purchases motivate consumers. Insurance companies must improve their ability to seamlessly partner across industries through digital technology, such as embedded insurance (insurance incorporated into organizations), an area expected to see significant development in the future.

“Enduring resilience” that overcomes complex and opaque risks

Businesses are confronting complex and opaque risks. Cyberattacks are becoming more common and the effects of global supply chain disruptions are amplified, there are more frequent and intense natural disasters, and infectious diseases spread swiftly. Insurance companies are expected to have resilience, enabling them to act as a safety net when unpredictable risks manifest.

Insurance companies must enhance and streamline areas such as data and AI-enabled product development, sales, underwriting and underwriting risk management. They must also improve their mobility and capacity to carry out projects so that they can manage information gathering, strategy formulation, and global programs. They must quickly deploy policies to specific regions and markets, which requires companies to redefine the core/non-core components of their internal architecture.

Insights

InsureTech Connect Asia 2023 Summary Report

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Where ABeam Stands Out

  • Agile creation of new value through co-creation

    ABeam Consulting helps insurance companies drive co-creation with other industries and quickly generate new value through the insights and networks it has developed globally and across industries.

  • Customer experience design knowledge x data analysis capability x technology utilization capacity

    ABeam Consulting supports insurance companies to create frameworks that deliver personalized services through its knowledge in designing diverse customer experiences, data analysis, and technology utilization.

  • Digital transformation insights to maximize data value

    ABeam Consulting supports insurance company transformations with its data utilization experience and by deploying AI where needed.

Services Provided

ABeam Consulting helps companies design and build services that provide security to customers beyond insurance and help them work with cross-industry partners.

Corporate Strategy and Medium-term Management Planning
Improving customer experience
Sales Transformation
Operational Transformation and Cost-cutting
DX Strategy and IT Implementation
Driving Global Strategy and Globalization
Governance, Risk, and Compliance

Contact

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