Keeping pace with transforming market essential says PwC
Insurance chief executives remain optimistic amid the bleak economic conditions, with 90% anticipating revenue growth according to PwC’s Global CEO Survey.
However, most see the outlook for the overall economy more negatively, with only 15% saying they believe it will improve over the next 12 months.
In addition, the threat of recession in the US, and of falling growth in China are now seen as more likely and damaging scenarios than the break-up of the eurozone, although prospects for growth in Europe are still seen as limited compared to other regions.
PwC UK insurance leader Jonathan Howe said: “The insurance industry is facing significant challenges and opportunities. Trajectories of growth in different parts of the world are diverging; customers are demanding more transparent and accessible products; technology is revolutionising risk analysis and customer profiling; and, the speed of change is putting existing business models at risk.
“The insurers that come out on top will focus keenly on the customer and have a superior capacity for innovation and reinvention. They’ll be able to anticipate change and how it affects them, as well as be nimble enough to quickly capitalise on emerging opportunities.”
The survey also found that insurance chief executives see the availability of talent as the biggest threat to their growth prospects. Despite this, less than 30%see filling talent gaps as a key investment priority.
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