2020 insurance outlook
Insurers adapt to grow in a volatile economy
The insurance industry remains resilient, continuing to generate growth around the world and maintaining overall profitability despite turbulence in the global economy.
While most insurers are continually seeking expense efficiencies and variabilization of costs, many also keep investing proactively. More insurers are looking to bolster core systems, add capabilities, and enhance customer experience through artificial intelligence, digitalization, new sales platforms, alternative product development, and other innovations. Many are beginning to pivot from investments to support business as usual to financing innovations facilitating more fundamental business model changes.
How well insurers resolve the “synthesis challenge” – integrating innovation in technology, talent and business models into change-resistant legacy environments – may be the biggest success factor for the industry in the decade ahead. In the next 12-18 months, insurers may need to reposition for success by adapting a more customer-centric focus, while balancing parallel priorities in achieving growth, greater operational efficiency, and compliance with existing and new regulations.
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