Most impact will be seen on bottom line margin by digital transformation of the supply chain. Most digital transformation is focussed on processes. Particularly front-end, FNOL automation in the insurance industry.

Unless insurers digitally transform the full insurance value chain they face that infamous "KODAK" fate- death by a thousand cuts.

See "The Single Digital Record"

 They are not only competing with themselves but potentially more seriously with with the big data gathering platforms from China. Japan and the US. 


"Rakuten Ichiba is Japan’s single largest online retail marketplace. It also provides loyalty points and e-money usable at hundreds of thousands of stores, virtual and real. It issues credit cards to tens of millions of members. It offers financial products and services that range from mortgages to securities brokerage. And the company runs one of Japan’s largest online travel portals—plus an instant-messaging app, Viber, which has some 800 million users worldwide. Retailer? Financial company?  INSURER? Rakuten Ichiba is all that and more!"

Never mind FaceBook, Google, Amazon which are serious threats. There are far more sharks circling incumbent insurers. 

See "Competing in a world of crumbling boundaries"