Partner, KPMG in Australia
The reality that people around the world are generally becoming wealthier and living longer is accompanied by a means that in many countries saving for retirement must start sooner and last longer. Yet encouraging the public to save while interest rates remain at historical lows is a significant challenge, especially in mature markets with aging populations. Meanwhile, new technology brings shifting consumer preferences as well as new risks to be insured. The more we enter a knowledge economy the more important intangible assets become and the greater the challenge to insurers to innovate to protect what we value. With generational attitudes towards insurance changing, insurers need to attract consumers whose previous experience may have made them suspicious of insurance products and the way they are sold , as well as newer, younger customers.
Key business issues insurers must consider now for the future:
- Demand for insurance is growing as people become wealthier and more urbanized
- Products need to keep pace with shifts in lifestyles and retirement needs
- Innovative models needed to insure new technologies and emerging risks
- Opportunities arising from the rollback of state support
To stimulate the debate on these complex and far-reaching issues, we invite you to join the conversation
We want to hear your views
- Do you believe insurers make sufficient use of demographic data and predictive analytics to understand where customers and markets will be in five years?
- What progressive insurance products do you see becoming mainstream in the next five years?