Insurers should evolve into risk management platform from post-compensation model: report

The insurance sector is evolving beyond its traditional role as a provider of post-accident compensation, repositioning itself as a more risk management platform, according to a report released Thursday. In its “Next in Insurance 2030” report, Samil PwC, Korea’s largest accounting firm by revenue, said insurers face growing structural uncertainty fueled by global pressures, including geopolitical instability and extreme climate events. In this environment, future competitiveness will depend on insurers’ ability to harness data and artificial intelligence (AI), build stronger external partnerships and fundamentally reshape how they engage with customers. Rather than relying on piecemeal adaptation, the report argues, insurers must rethink their entire value chain. PwC outlined four stages of industry transformation. The first describes insurers that maintain largely traditional business structures while making only limited, reactive improvements despite external disruption. The second stage focuses on leveraging AI and advanced data capabilities to improve operational efficiency wh

Original source: Korea Times