The changes we're seeing in the industry and our perspectives on how insurers can make disruption work to their advantage
According to the PwC's 20th CEO Survey, a higher percentage of insurance CEOs than those in any other industry are extremely concerned about the threats to their growth prospects from over-regulation, the speed of technological change, changing customer behavior and competition from new market entrants.
In short, the entire insurance business model is being disrupted. At PwC's Financial Services Audit and Risk Committee Forum (FSARCF), one-third of insurance attendees cited technology—including the new market entrants that are often behind technological change—and customers' expectations for 24-hour service as the most disruptive forces on the insurance business.
35% of the insurer directors in attendance said they think "the industry landscape will stay the same, but the players will change substantially in five to 10 years."
44% think that "most existing insurers will not survive, at least in their current form.”
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