In our 20th CEO Survey key findings from the Insurance industry, we explore the views of CEOs around the world. We explore disruption, digitization, growth and the workforce.
Innovating to grow
The insurers that are turning disruption into opportunity aren’t looking at how to combat InsurTech, they’re playing an active part in its development. They’re developing enterprise innovation models capable of closely monitoring the latest trends in innovation and customer expectations. They’re actively partnering with start-ups, not just by funding them, but also by sharing insights from their market experience and providing a testing ground and access to market for new ideas and ventures.
Aligning costs to strategy
The crucial priority isn’t costs that are cut, rather where to focus resources to stimulate growth and differentiation. The starting point is differentiating the capabilities that fuel profitable growth (‘good costs’ targeted for investment) versus low-performing activities and inefficient operations (‘bad costs’ targeted for overhaul or elimination).
Rethinking human capital strategies
Insurance is being transformed, and with it the talent insurers need to succeed, where they come from and what they want from their careers. Forward-looking insurers are developing new human capital strategies as they seek to develop more creative, adaptable and digitally-savvy workforces. The sources of talent will continue to broaden as industry boundaries blur, insurers enter new markets, and diversity is recognised as a competitive imperative. The way talent is deployed and managed will also continue to change as organisations strive to move closer to customers and working alongside AI becomes routine.