Digitalisation is revolutionising the European insurance sector, shaping technological transformations. FREMONT, CA: Enterprises across Europe are under the amulet of transformation. The insurance industry is one of the several sectors in Europe going through the change beyond recognition. However, various underlying difficulties in the European insurance sector are essentially shaping technological transformations. For example, underwriting tools and methods established, and the leaders are open to variations only within the limitations of the legacy insurance systems plus frameworks.
Digital innovation is transforming the way in surance companies work with industries in defin ing risk management strategies for businesses. It encourages industries to use IoT sensors that help workers handle assembly line safely, thereby avoid ing personnel injuries, lowering absenteeism and improving productivity. IoT sensors for fire detec tion and water leakages are already being effec tively used across many sectors. The usage of IoT devices in industrial, engineering and manufac turing domains ensures effective risk management thereby helping insurers minimize losses arising out of any industrial mishaps.
With emphasis on delivering actionable content, the event will highlight the necessary steps needed to succeed in a digital era and optimize change programmes. You will leave this event knowing how to achieve digital excellence from your existing position, to ultimately engage current and future customers. Our intent is to form a community where the sector can come together to discuss their challenges freely and discover solutions. The learning sessions will be delivered in dynamic formats; avoiding the'death by power-point' trap, attendees will have the opportunity to engage in: Workshops, The Analyst's Corner, The Verdict Industry Panel, On-stage Interview, Case-Studies, The Technology Playground and'Question Time'.
In an era of disruption to legacy business operating models, global insurance executives have come to realize that a strategy of trudging on and doing more of the same is simply unsustainable. The window of opportunity for thinking about business transformation and future readiness is now. A recent KPMG International report, Accelerated evolution – M&A, transformation and innovation in the insurance industry, suggests insurance executives are actively pursuing acquisitions and partnerships in order to transform and grow their businesses and thrive despite ample disruption. The report, which surveyed 200 insurance executives worldwide, revealed that 80% of decision makers expect to seek one to three acquisition targets or partnerships over the next three years, with more than 60% identifying business transformation or operating model enhancement as the key factor driving their M&A desire. "The overarching theme that came out of the survey was that insurance companies are looking at M&A and partnership activity to transform their businesses and innovate for the future," said Ram Menon, global head of insurance deal advisory at KPMG International.