August 10, 2016
As the famous phrase goes, It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Indeed, survival in any environment, including business, depends on the ability to manage change and respond to it appropriately. Just like banking went from transactions to experiences, various areas of businesses are transforming in response to technological advancements as well as business model evolution.
At the moment, let's focus on business model transformations that became quite noticeable – pricing models, in particular. Partially influenced by modern technologies like blockchain and partially by consumer market trends, pricing models across industries cannot remain static while customer preferences and services they use become increasingly fluid and dynamic.
In the insurance industry, for ex ...