A new piece in Insurance Business America calls upon insurers to think outside the box and expand upon the traditional role they’ve played to become a service better suited to today’s business environment.

‍

According to a Bain & Company survey cited by the article, the future of the insurance business requires that providers evolve from being relatively straightforward means of hedging risk, and instead transform into a more partner-like role that proactively helps with risk mitigation and prevention.

‍

Given providers’ unique perspective and position to draw upon data from companies across similar industries that face a similar set of risks, as well as providers’ ability to deal directly with governmental bodies and other stakeholders to assess macro-risks, clients increasingly expect providers to be able to use this access and data in a way that works to each client’s advantage on a micro scale. 

‍

You can read more about that survey and analysis here.