EY’s 2021 Global Insurance Outlook report focuses on where the industry is today and how it can navigate the strategic horizon of the next 18-24 months. While much remains uncertain in this market, one certainty is that more disruption and evolution are inevitable.
The report highlights the following three imperatives, which we believe are critical for insurers to create value for themselves and society as a whole:
James Maher, Insurance Leader, commented:
We are familiar with the French phrase “plus ca change, c’est plus la meme chose” – the more things change, the more they stay the same – and this particularly applies to insurance! However, maybe things are changing and maybe they won’t stay the same this time. Our evidence and insights suggest that this time the change is structural and as such, the need to engage with disruption is fundamental.
Ultimately, to succeed in the near-term, insurers must prioritise transforming their operations to be more agile, digital and customer-centric. Those insurers that move proactively will be best positioned going forward.
Explore our Global Insurance Outlook in full below, to learn more about the opportunities, risks and critical imperative for insurers. We welcome the opportunity to discuss your firm’s plans and prospects and how these issues and opportunities are shaping your strategic agenda.
Don’t hesitate to reach out if you have a question.