Samil PwC Says Insurance Must Become a Risk Management Platform

Samil PwC said in its Future of Insurance 2030 report that the insurance industry should evolve beyond simply providing financial products and become a “risk management platform” that helps customers manage risks in advance. The report said the industry is rapidly shifting from a model centered on compensation after an incident to one focused on prevention before risks occur. This means insurers should not remain limited to handling losses after the fact, but should expand into services and systems that reduce the likelihood of risks. Going forward, insurers are expected to explore ways to strengthen customer risk management capabilities centered on prevention rather than compensation. Source: mk.co.kr