8November 2017All P&C Insurance carriers, big or small, have digital transformation as a key component in their strategic plans. Beyond the hype, there is good reason for that. However, the approaches companies are following are disparate, depending on their digital starting point as well as their particular outlook on what the future may bring. Both things are, by definition, very specific for each company. Especially the second is very relevant as, no matter how visionary the planners can be, we have to recognize that there is not yet a clear, complete scenario about how digitization will affect Insurance. This inability to predict the future makes it very difficult--if not impossible at all--to design strategic plans in a traditional way. There are few other industries that will experience such a profound impact short- and medium-term from digitization as Insurance. For Insurance, it is not just that the way business is conducted is going to change--or rather, is already changing; it is that the nature of the insurance business itself is being transformed. We may have the doubt as to when the transformation will happen but two things seem clear, this is not about long term and the coincidence in time of all those changes has a multiplier effect on the combined impact.On a positive note, we can remember that, as it is the case in any big transformation phase, the disruption is not only a threat it also brings new great opportunities for those who learn how to take advantage of them. However, tempering our optimism, we also need to realize that the experience so far shows that Digitization tends to erode profit margins and to concentrate value in a reduced number of players in each market. The Winds of Change are HereWe can draw indications of how the future will be by looking at how digitization has transformed other Harnessing Opportunities from Digital Transformation in the P&C Insurance IndustryIN MY OPINIONBy Enrique Laso Sanz, CIO, MAPFRE North America [BME:MAP]Enrique Laso Sanz
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