We use two words a lot when describing the characteristics that define a speedy and efficient modern day insurance operation, from underwriting and pricing to claims, reserving and reporting – flexible and agile.
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.
That’s because insurers will have to deal with the pluses and minuses of an insurance operating environment that promises new and challenging regulatory and reporting requirements, shifting demand and distribution, a need for creativity in investment and asset strategy, and a constantly changing basket of risks – and opportunities – over the next few years.”
Climate change presents a cocktail of all those, as the emphasis shifts from not just assessing and covering natural catastrophe risks, but reporting in detail on longer-term organisational climate risks and contributing to a lower carbon economy transition. Cyber and political risks are other examples of emerging risks with strong potential upsides and downsides for insurers.