KPMG International has released an industry paper, "How well is the life insurance industry keeping pace with rapidly changing technology?", which found it is at risk of falling behind through not embracing today's technologies.
Released at the International Insurance Society's (IIS) annual seminar, the paper explores five key areas in how technology is impacting the market today and tomorrow: What insurers need to do to put customers at the heart of their business; The impact upon products and markets; The challenges for distribution and operations; Risk, capital management and regulation; Governance and people.
Mary Trussell, insurance partner at KPMG in the UK, said; "The insurance world has changed fundamentally as the digital revolution transforms the way we interact and do business.
"The entire insurance value chain is impacted, from insurers to intermediaries and distributors and service providers - particularly as other industries from retailers to auto manufacturers set foot in insurance markets.
"At the centre of this transformation into a connected, digital world are people and a marketplace that is defined and driven by customer behaviours, needs and lifestyles."
Gary Reader, global head of insurance at KPMG, concluded, "Advancements in technology are not restricted to local markets and have proven to impact markets globally. Whilst these present new complexities for insurers, our discussions today show they also deliver valuable opportunities that can be capitalised upon.
"However insurers must adapt to the game-changing technologies that we're seeing today, or risk falling behind and losing relevance in the future."