The insurance sector is currently facing pressures from several sides. Among the latest challenges are new regulatory frameworks, the inflow of alternative capital, and the ongoing low-interest-rate environment. An even more groundbreaking transformation, however, will be brought about by the successively advancing digitization of the industry. In combination with substantial changes in customer needs and demands, new technologies are beginning to intensify competition to erode margins. Faster offers, a higher transparency and comparability, more personalized services, and a simplified claims process are swiftly becoming essential success factors.