“This is a unique and exciting environment for the insurance industry, as consumers are open to a more interactive relationship with their carriers.”
These are the words of Stephen O’Hearn, Global Insurance Leader, Partner, PwC Germany. PwC recently produced its 22nd Annual Global CEO Trends series that specifically focussed on Insurance trends. According to the 140 insurance industry leaders that took part in the CEO survey there was agreement that the initial trepidation over digital transformation is turning into optimism.
There was a clear sign of a shift in the sentiments easing over specific concerns. In 2018 51% of the survey participants were concerned about the speed of technological change as a potential business threat to their organisations growth. This statistic changed with the 2019 survey to only 31% feeling concerned about it. Although the current wave of new technology investment focussed first on improving customer experience and reducing costs, it is now shifting to new business models.
The survey therefore highlights that some insurers are embracing the future and capitalising on opportunities much faster than others.
The survey focusses on five essential priorities:
- Reimagine your business
- Choose the ecosystem you want to serve
- Simplify legacy systems to drive efficiency and create capacity for growth
- Focus on talent development
- Accelerate execution
According to PwC these priorities are not exclusive. It’s about recognising and addressing the interdependencies between them.
Click here to download the PwC’s 22nd Annual Global CEO Survey trends