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, insurance CEOs are more concerned than their peers in other industries 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.”
We provide practical solutions for insurers in areas including:
Insurance Marketing Leader, PwC US
Tel: +1 (202) 248 4470
Insurance marketing manager, PwC US
Tel: +1 (571) 766 9266