Insurance in the Age of Digitalization

The research was done for the client which was a premier insurance company of Pakistan. The client had seen its revenue growth flat-line lately with deteriorating margins. Moreover, in the age of artificial intelligence and digital transformation client was unable to predict future course in a highly competitive industry. 

Concave Research took a comprehensive look at the insurance industry with a detailed financial analysis for each player. Comparing financial, operational and other metrics with peers’ revealed valuable insights into strategic groups, strategies and standings of companies in the industry. Client’s digital footprint was studied along with competitor’s and gaps were identified. Impact of technological transformation on insurance business was studied in the context of Pakistan. Finally, a detailed analysis was done on the product offerings in Pakistan and comparable markets.

Concave Research identified several threats stemming from rapidly transforming technological landscape and lack of product differentiation that threatened the very survival of the company. Based on the recommendations, client undertook radical transformation of its business and processes to incorporate latest technologies and efficiently capture important data points. It initiated a process leading to data analytics and data science which can be basis for competitive advantage. Client was able to design innovative products based on rich data set of offerings from comparable markets.