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Who will win in the age of acceleration?
The insurance value chain has been undergoing many structural changes by a variety of players, driven by evolving customer behaviors and broader macro trends. While a few years back, many of these changes were instigated by new players challenging incumbents' ways, the historical leaders have been upping their digital capability and talent game in recent years.
On this episode, Paul Ricard sits down with Gaurav Garg, Oliver Wyman's Global Head of Property and Casualty insurance and former C-Suite executive. Together they discuss the insurance industry's current and upcoming changes, and the various ways incumbents and challengers are approaching the age of acceleration. Gaurav provides his perspectives on how incumbents and challengers can play to their strengths and maximize their opportunities.
Reinventing Insurance Podcast
Our Reinventing Insurance podcast explores best practices for taking a CustomerFirst approach to innovation within Insurance. Throughout this series, host Paul Ricard discusses lessons, challenges, and new ways of working with guests who will share their first-hand experiences.
Our podcast host
Paul Ricard is a partner in Oliver Wyman’s Financial Services, Insurance and Asset Management and Digital practices. Paul works closely with businesses to reinvent their strategies, products, and services — and to fuel top-line growth opportunities. Paul specializes in advising leaders on large-scale digital transformation programs, greenfield business design, and digital operating model development. He is also the CustomerFirst platform lead for Insurance and Asset Management, working collaboratively with clients to develop novel value propositions rooted in customer needs. He is actively connected with the Insurtech and Fintech communities, and has facilitated strong partnerships between incumbents and Fintech/Insurtech players.
Our guest
Gaurav Garg brings in-depth global industry experience as a C-suite executive to Oliver Wyman. As a Partner and Global Head of P&C Insurance, he delivers high-impact advisory and consulting engagements for large multinational corporations as well as new-age insurtechs, providing strategic direction at different phases of growth and maturity. With a strong track record of standing up new operations and sustaining long-term growth trajectories, both organically and inorganically, Gaurav has driven organizations to consistently deliver in periods of growth and disruption. He stays hyper-focused on the customer and measures end-to-end customer interaction and experience to fulfill and exceed expectations.
More from the Reinventing Insurance podcast collection
On Episode 7, we talk tech and insurance. Paul Ricard is joined by Alex Lyall and Justin Kahn, leaders of Oliver Wyman's Fulcrum technology. We take a deep dive into industry trends, greenfield considerations, and the key ingredients to a successful legacy transformation. Plus, how incumbents can leverage their strengths and get unstuck when it comes to building a modern tech stack. And we learn how Fulcrum's proprietary tooling and intelligence is helping life insurers solve their most pressing and complex infrastructure challenges. View more from our Reinventing Insurance Podcast collection.