Insurance Must Shift From Financial Products to Risk Platforms

Samil PwC said in its Future of Insurance 2030 report that the insurance industry must evolve beyond offering simple financial products into a “risk management platform” that manages customer risks in advance. According to the report, the industry is being rapidly reorganized from a traditional model centered on post-event compensation toward one focused on prevention. This means insurers should not remain limited to paying claims after incidents occur, but should expand their role to identifying and managing risks before they materialize. Samil PwC said this shift could become an important turning point for the future competitiveness and structure of the insurance industry. Source: mk.co.kr