Insurance Outlook Report 2019/2020
A closer look into the insurer of the future
Insurers in the region have experienced better times than their financial performance in the recent years. With forces of competition and declining margins increasing, insurers need to look at ways of remaining relevant in the competitive scene while improving their operational efficiencies using technology.
The first insurers who capitalise on the opportunities that digitisation and automation offer, will most likely be the biggest beneficiaries. It is up to insurers to start small without fearing to fail and make iterative changes to their business as usual approaches.
Our report takes a deep dive into the opportunities that insurers in the region are yet to fully explore. We also give our views of recent changes in regulations and IFRS reporting standards that insurers need to keep at their fingertips.
Key topics that the report addresses include:
- Simple and practical ways of using technology to adapt products and processes.
- The need to consider digitization as insurers look to expand their talent base.
- Methods of fraud prevention and detection in insurance.
- A look into the macroeconomic environment.
- International Financial Reporting Standards that need to be given priority as insurers set their agendas.
- The need to consider and capitalize on the opportunities that digitization and automation offer.