So what is next? What does success look like? How can we create an enabling culture versus a do-nothing culture? What model should we use to look at risk and resilience going forward? What are we trying to be resilient to? What forces or pressures are we resisting? What do we want to withstand? How should we measure operational resilience? Do we focus on leadership? On monitoring versus supervising? What metrics do we focus on, and why? Where can technology best help? How can technology help to streamline processes, monitor results, and encourage buy-in? FinTech and InsurTech are both still in their infancy with regards to how they can disrupt global economies. But the critical operational resilience theme for the 2020s is the extent to which insurance technology changes the dominant capital management framework in insurance that’s been anchored to the point of cash acceleration to finance dividends. For many incumbent insurers, this could lead to some difficult decisions about allocating capital over the next decade and how that will be conveyed to their investors. Fast-tracking Operational Resilience… Strategy and operational resilience do matter, and successfully embracing technology is as much about execution as it is about strategic vision. To mitigate transition risks and embrace technology more effectively, insurers can focus on the following three areas: Risk Management Technology offers the opportunity to enhance risk management, moving away from the existing indemnity model in Property & Casualty and Health insurance. The fundamental value proposition of insurance lies in avoiding having to claim in the first place, which benefits insurers and the insured. Business Management Many InsurTechs want to partner with incumbents by providing operational and back-office business management services. Although this offers incremental efficiency improvements, the implications are still radical, especially when considering the massive potential cost savings. Further, InsurTech-as-a-Service solutions that have entered the market provide digital services from the ground up and are becoming compelling options for accelerating the launch of digital products and services. Customer Engagement InsurTechs help insurers engage more – and more positively – with customers than in the past through mobile-first digital engagements. What will those new engagements look like in the future as more and more companies participate in interconnected ecosystems to accelerate the distribution of products and services and speed the delivery of digitized insurance models? 37