2019年-普华永道全球_22nd_CEO_Survey_Insurance_trends_2019_12页_669kb

Insurance Trends 2019 Summary

Core Content

The 22nd Annual Global CEO Survey by PwC highlights the transformation of the insurance industry in 2019, shifting from a sector perceived as threatened by digital disruption to one that is embracing it as an opportunity. The report outlines key trends and strategies that are shaping the future of the industry, emphasizing the importance of innovation, customer experience, and talent development.

Main Points

Digital Transformation as an Opportunity

• The insurance industry has moved from being threatened by digital disruption to viewing it as a strategic opportunity.
• Over 80% of insurance CEOs believe AI will be part of their business model within the next three years.
• The integration of technologies like AI, IoT, and sensors is enabling proactive risk detection, intervention, and prevention, leading to better outcomes for policyholders and lower claims for insurers.

Changing Consumer Expectations

• Consumers now expect choice, flexibility, simplicity, and personalisation in insurance products and services.
• On-demand and usage-based insurance models are becoming more common, such as insuring a car only when driving or a camera during a vacation.
• InsurTech companies like Trōv, Cuvva, and Slice are leading the way in delivering these new models.

Ecosystem Expansion

• Insurers are moving beyond traditional boundaries to become part of broader business ecosystems, including health, wealth, agriculture, and financial management.
• Examples include ZhongAn's partnership with Grab to offer customised insurance products in Southeast Asia.

Operational Efficiency and Innovation

• 72% of insurance CEOs rely on organic growth, and 70% on operational efficiency to drive growth.
• There is a renewed focus on cost reduction and resource reallocation to support innovation and talent development.
• InsurTech capabilities are increasingly being integrated through partnerships or in-house development.

Talent and Skills Development

• A significant 80% of insurance CEOs are concerned about skills shortages impacting growth.
• The industry is facing challenges in data sharing and comprehensiveness, with only 10% believing customer preference data is comprehensive.
• Developing a culture of agility, customer focus, and digital competence is essential, and up-skilling existing staff has proven to be effective.

Key Strategies for Success

1. Reimagine Your Business

   • Focus on what your business does better than others, such as cost competitiveness or claims speed.
   • Embrace innovation in risk prevention and customer experience to transition to a future state.

2. Choose the Ecosystem You Want to Serve

   • Identify ecosystems where your strengths and relationships can create value.
   • Determine how to engage with these ecosystems, including partnerships and customer loyalty strategies.

3. Simplify Legacy Systems

   • Balance the need to maintain existing systems with the potential of modern technologies like AI, blockchain, and cloud-based solutions.
   • Consider modernising systems in one go and gradually migrating customers.

4. Focus on Talent Development

   • Foster a culture that supports innovation and encourages staff to develop new skills.
   • Invest in up-skilling and create an environment that attracts and retains external talent.

5. Accelerate Execution

   • Embrace an agile approach to execution and change management.
   • Break down operational and technological siloes to improve data sharing and execution speed.

Challenges and Outlook

• Legacy systems and outdated processes continue to hinder innovation.
• Cultural shifts toward decentralised decision-making and customer-centric approaches are necessary but time-consuming.
• The insurance industry is poised for change, with early adopters leading the way in creating innovative business models and enhancing customer value.

Conclusion

The insurance sector is at a pivotal moment, where digital transformation is not just a threat but a catalyst for innovation and growth. Companies that embrace this shift, invest in talent and technology, and expand into new ecosystems are well-positioned to lead in the evolving landscape. The future of insurance lies in proactive risk management, personalised offerings, and agile execution.