Insurers face a perfect storm of challenges: low interest rates pressuring profitability, rising claims severity due to climate events and cyber risks, regulatory compliance burdens, and shifting customer expectations for digital-first services.

Many still operate with fragmented systems, outdated processes, and rigid product portfolios. These inefficiencies increase cost-to-serve and reduce speed-to-market. Meanwhile, newer insurtechs are winning on convenience, pricing flexibility, and superior UX.

To survive and thrive, insurers must modernize their tech stack, redesign customer journeys, introduce modular product offerings, and build adaptive underwriting models. Strategic partnerships with healthtechs, automakers, or telcos  can also unlock new distribution channels and value pools.

Transformation must be comprehensive, not cosmetic. Culture, process, tech, and leadership must all evolve together.