Insurers face the challenge of how to capitalise on the growth potential created by a wealthier and longer living global population, while grappling with the accelerating and potentially disruptive impacts of new technology, regulation and fast changing customer expectations.
Insurance industry leaders taking part in our latest CEO survey strongly echo the themes we’ve explored in Insurance 2020. They see the digital economy, social media, mobile devices, big data, and other technological developments as having an especially transformational impact on their businesses.
But the survey raises questions about whether insurers are doing enough to keep pace with the shake-up in the marketplace. Developments that would have taken years to impact the market in the past can now do so in a matter of months. Insurers that are slow to respond could quickly lose business to more agile and innovative competitors, which could potentially be start-ups or companies coming in from outside the sector.
Therefore, successful insurers need to be first movers – even fast followers could wind up being marginalized. he leaders will have clear insights into how the marketplace is evolving, where they’re best able to compete, and be agile and decisive enough to respond quickly to important challenges and opportunities. They also will use the latest developments in technology to enhance customer profiling, reduce costs, and improve the customer experience.