The global insurance market prediction analysis of Deloitte’s insurance group for 2023 is already published – 2023 INSURANCE OUTLOOK – “GLOBAL INSURANCE INDUSTRY AT A CROSSROADS TO SHAPING LONG-TERM SUCCESS”.
In the dynamic environment of the world that we live in, one of the best things your company can do is keep up with industry trends. Just like we all keep up with one another on social media, it’s important to do the same as trends emerge within our industry. One of the best in-depth analyses for the tendency of the development of the insurance market globally is offered by Deloitte. The 2023 insurance outlook is already published and we challenge you to take a look at it and make conclusions for your business planning for the upcoming 2023.
The key messages are:
- Insurers are facing a host of macroeconomic and geopolitical challenges likely to inhibit growth and profitability—including the looming threat of global recession, the continuing fallout from Russia’s invasion of Ukraine, and lingering COVID-19 concerns.
- insurers that effectively transitioned during the pandemic to a remote workforce, as well as virtual customer and distributor engagement, could be better positioned to capitalize on a more agile digital infrastructure in meeting evolving expectations for customized products, channels, and services.
- In setting strategic plans, investment priorities, and budgets, insurers should therefore strive to maintain the momentum of creative adaptation established over the past few years, accelerating upgrades in systems, talent, and culture while becoming increasingly proactive, innovative, and customer-centric.
- While technology and resulting improvements in risk selection and pricing are likely to remain the primary drivers of improved bottom-line performance, insurers should expect to be increasingly judged by stakeholders on their response to broader sustainability priorities such as climate risk, diversity and inclusion, social equity, and transparent governance—all of which could become competitive differentiators in the battle for talent, investors, and market share.
Visit here to download the full report if you want to dive in deeper: https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/insurance-industry-outlook.html