Market Disruption in the Insurance Industry and Use of Foresight and Futures Thinking to Meet Challenges: A Case Study of Aviva PLC

Bentil Oduro*, Sunny Akpabot, Alfred Akakpo, Evans Akwasi Gyasi

*Corresponding author for this work

Research output: Contribution to Book/ReportChapterpeer-review

Abstract

Aviva is a British multinational insurance and public limited company headquartered in London. This case describes disruptions within the organization that arose from shift in wealth (internally) and government regulations (externally) as a result of volatile changes in global climate, public health, and technology. Competing Insurtech start-ups abounded, facilitated by blockchain technology and digitally driven customer engagement and claims management. Aviva’s use of strategic foresight and futures thinking steered the company’s actions as it survived these continuing challenges. Aviva’s implementation of related organizational policies institutionalized its efforts and sustained success.
Original languageEnglish
Title of host publicationFutures Thinking and Organizational Policy
Subtitle of host publicationCase Studies for Managing Rapid Change in Social Media, a Shift in Wealth, and Government Instability
EditorsDeborah A. Schreiber, Zane L. Berge
Place of PublicationUnited States
PublisherPalgrave Macmillan-US
Chapter8
Pages183-224
Number of pages42
Volume2
ISBN (Electronic)978-3-031-55956-3
ISBN (Print)978-3-031-55955-6
DOIs
Publication statusPublished - 2 Jun 2024

Keywords

  • Market Disruption
  • Foresight
  • Futures Thinking
  • Insurance Industry
  • Aviva

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