Rapid economic, social, political and environmental changes occurring across the globe are leading to significant changes in the risks that the insurance industry provides protection against.
The industry must evolve to remain viable in the future. The outcome of risks cannot be fully known, but the identification, measurement and management of these various risks is essential to the success of insurers. Our report is set against the context of changes in society, the economy and technology.
It seeks to provide insight into how this complex industry will meet these changes, continue to thrive, and maintain its social purpose. Through this report we want to undermine the myth that it is too difficult to have a meaningful conversation about insurance by considering what is “fair” insurance cover, the use of data, how to ensure customers can ensure they’re buying the right products and what companies must do to face challenging economic times.
The insurance industry helps to create certainty for individuals and businesses, but the aftermath of the financial crisis has left to regulatory and economic effects which are having a major influence on the sector. This uncertainty, together with rapidly changing technology and societal needs and expectations means insurance companies must adapt and evolve to ensure we are able to buy the insurance cover we need.