KPMG: The 'one-size-fits-all' approach to insurance no longer works

To better serve millennials, insurance companies in Canada should not only be willing to transform their business approaches, but also capable of utilizing big data, a new report from KPMG suggests. According to KPMG’s new report, “Insurance frontiers: Here to horizon,” 86% of chief executives at insurance companies surveyed said that they are concerned over how millennials will change their business – particularly when millennials are not following historical norms in terms of predicted life paths or milestones. The report also found that 84% of Canadian millennials do not trust traditional advertising. Ninety-five per cent (95%) also said that the most credible source of product information is their friends. “The insurance industry will look radically different in 10 years from how it does today,” said KPMG partner and national insurance sector leader Chris Cornell.

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