Trend of insurance industry in 2020 From PricewaterhouseCoopers

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The following is the Trend of insurance industry in 2020 From PricewaterhouseCoopersrecommended by recordtrend.com. And this article belongs to the classification: PricewaterhouseCoopers, research report.

The 23rd annual survey of global CEOs by PricewaterhouseCoopers shows that in the face of increasing economic headwinds, technological disruption and geopolitical uncertainty, most insurers are confident in their long-term resilience, although they acknowledge that they will face challenges in the next 12 months. In fact, leaders want not only to survive, but also to turn these challenges into their own strengths.

This attitude reflects the experience of insurance companies over the past two years: responding to disruption in a number of ways, including regulation, new technologies and changes in customer expectations. Insurance industry has accelerated the pace of transformation, the result is that insurance companies become lighter and better at providing more products and services at lower cost. At key time points such as policy generation and claim settlement, the customer experience becomes faster, more intuitive and more friendly. From real-time risk pricing to ecosystem areas such as automobiles, agriculture and health, innovation is moving from the laboratory to the market.

With the difficult process of transformation, insurance companies are more confident than ever to deal with subversion. The survey results show that they are still worried about regulatory and technological change, but not as serious as in the past.

Courageously first

So, how can insurance companies continue to develop on this basis? First, CEOs see the customer experience as the biggest opportunity in the next 12 months, far ahead of the number two core technology transformation. CEOs also said a clear vision of how to create value for customers is the most important factor in achieving strategic goals.

70% of insurance CEOs interviewed said that in the next 12 months, customer experience will be their focus and investment direction.

Along with the opportunities, there are also major challenges. As PricewaterhouseCoopers highlighted in its financial technology survey in 2019, customers are looking for more than efficiency and speed. What they need are “amazing” things, such as personalization, flexible Omni channel interaction, and solutions across traditional industry boundaries. Standards will only get higher and higher and will continue to be set by companies in other industries. Leading insurance companies are meeting this challenge.

Talent and technology are equally important factors in keeping up with the times. Without the participation of employees, no amount of system investment can make the enterprise competitive. Can the insurance company keep up with the situation? Most companies have made progress in improving digital skills, but less than 25% of companies say they have made significant progress. Digital skills will drive the growth strategy of insurance companies and enhance the awareness of employees and leaders. Respondents identified the lack of resources and difficulty in defining skills needed in the future as the biggest obstacles. Compared with simple technology empowerment, identifying the functional skills needed in the future is essential to improve the skills of employees.

Focus on Sustainability

When insurance CEOs ask world leaders what they need help in, the answer is always health, climate and Inclusive Finance, three areas where the insurance industry has deep insights and strong capabilities. However, the obstacle to taking advantage of this opportunity and increasing government social capital cooperation (PPP) is trust. Research shows that insurance CEOs are increasingly worried about public trust. If this trust is not won, it will be difficult for insurance companies to use their expertise. Focusing on sustainability is an opportunity to demonstrate the value of insurance and enhance the public image, but insurers need to be cautious and honest in all other aspects of their operations. The performance of insurance companies at critical moments, especially the experience of claims settlement, determines public opinion.

Research shows that despite the growing emphasis on climate change in the insurance industry, CEOs still see it primarily as a reputation issue rather than as a strategic opportunity or opportunity to interact more closely with the government. Visionary insurance leaders have a chance to stand out.

Characteristics of leading enterprises

We believe that the decisive feature of leading enterprises is the ability to grasp new opportunities. They are building a culture of innovation, agile operating platforms and collaborative ecosystems that can identify opportunities and quickly exploit them. These opportunities may arise in untapped markets or in the creation of new business models in mobile services or environmental management. Many of the leading companies come from fast-growing markets such as Asia, where innovation and re creation can move forward without the drag of old infrastructure.

How to become a leading enterprise? Although there are natural differences in market environment and opportunities, we believe that in order to lead the way, we must have the following three points:

1. Deep rooted cost effectiveness, productivity and operational excellence culture

In the face of future uncertainties and challenges, Organizational Resilience and flexibility will be the key to success. In addition to reducing unnecessary work and reducing costs, insurance companies also need to co-ordinate their operation mode, workforce, digital labor force, culture and work style, and carry out their work in the most flexible, efficient and most in line with customer needs.

2. The ability of large-scale innovation

Insurance companies are more and more willing to try and develop cooperation with technology start-ups to carry out business innovation. But success requires scale. This is not only a matter of resources or market scope, but also involves the creation of an agile operation platform and the ability to collaborate with multiple partners, so as to realize the rapid promotion from pilot to market.

3. Executive power

Insurance companies need to integrate strong execution, sustained focus on leadership, appropriate decision-making processes, reasonable investment in resources and capabilities, preparation for challenging routines, incentives to contribute and explore new ideas. This includes learning from the thinking patterns and support structures of private equity activists to change the way the most important strategies are implemented.

Insurance companies for the future

On the basis of transformation, the insurance industry is open to new ideas and competitive re creation. Success requires core skills, scale and productivity, the executive power to bring innovation to market quickly, and the ability to provide solutions to the challenges facing modern society.

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