The greatest competitive threat to insurers may not be other insurers, but rather, noninsurance companies. As technology and digital capabilities proliferate, the insurance space is opening up to a number of new types of players, such as Web businesses, car manufacturers, and utilities.

That’s one of the key takeaways of a new report out of Morgan Stanley and Boston Consulting Group. BCG analysts Michael Niddam, Jean-Christophe Gard, and Jonathan Koopmans caution that “insurers that fail to adapt to the shifting environment are in peril of being marginalized as mere providers of capital for shrinking risk pools.”

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