The Intelligent Insurer considers external forces that will impact their business model over the next 10 years, including shifts in demographics, the environment, new technology and changing social values and ethics.
- Growing populations and longer life expectancy create opportunities for insurers but pose challenges on the delivery of healthcare and retirement products.
- Technology provides insurers with access to data, enhance flexibility and reduce cost but many are constrained by legacy systems.
- A combination of natural disasters, urbanisation and growing wealth are changing the shape of risk for insurers.
- More effective engagement is needed to overcome the erosion of trust as expectations of good governance are changing dramatically.