The insurance industry is now moving into the next phase of having public ownership, with initial public offerings (IPO) expected in both life and general insurance segments. While this phase will bring its own set of challenges due to greater transparency and compliance requirements, it will also provide an opportunity to easily assess and realize gains from efficient management. This phase will coincide with a period of transition globally, in how businesses operate, due to changing customer behaviour, changing market dynamics and the increasingly important role of technology.
“Disruption” has truly become the buzz word of current times. Financial services have historically been guilty of not being very customer-centric. However, with the onset of the start-up culture, the global financial services industry is undergoing significant modernization to remain relevant in this day and age.