What tools do insurers have at their disposal to stay relevant and in tune with their target customer base, at the right level of cost and price when, for example, markets are becoming increasingly digital, expenses in much of the market remain stubbornly high and the role of insurers in a socially responsible society is more in the spotlight?
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.
Enhanced data and analytics capability, more integrated systems, changes to how they go about pricing, underwriting and claims and, potentially, a broad rethink of target operating models are just some of the potential options. At the same time, insurers are having to respond to the changing agenda surrounding ESG (Environment, Social, Governance) principles and expectations of the workplace for retaining and attracting talent. Both have been amplified by the COVID-19 pandemic and the debates it has engendered around equitableness, inclusivity and fairness.