Insurers will be all too aware that you can’t afford to stand still in this market for too long. The question is where will the impetus to avoid that and to stand out from competitors come from over the next few years?
About This Series
After a 2010s decade of near constant change in the insurance industry, 2020 brought the added challenge of a global pandemic. With the economic after-effects of that likely to last for some time, adding to the continuing ripple effects of technology and regulation, what may shape how insurers achieve growth yet maintain resilience in the coming decade?
Over the course of 2021 we will be examining a range of salient issues under an umbrella theme of ‘Powering growth; strengthening resilience’. Under three key pillars, we will share a range of articles, podcasts, research and videos that address:
- The essentials – building on core foundations to strengthen resilience;
- The differentiators – innovating and transforming to drive efficiency and growth;
- The environment – responding to downside risk and upside opportunity with speed and efficiency.
With low interest rates set to last for even longer and constrain investment returns, the core business of underwriting risk will need to hit its share of financial objectives. Prime sources of efficiency improvement opportunities as we see them are likely to be intelligent automation, finance and process transformation, better portfolio management, and more extensive digitalisation of back room operations. The more insurers can enable their people to focus on value-adding work and support decision making with timely insight the better.
Equally, digitalisation could provide the route to new customers and distribution, while enhanced data and analytics capabilities are likely to be an important and increasing factor in multiple areas, including product innovation.