Article Synopsis :
“Embrace change in changing times” from KPMG shares results of their annual CEO Outlook conducted with CEOs of 41 large U.S.-based insurers on a range of issues impacting the business landscape. Given the tremendous transformation in the sector it’s no surprise three-quarters of survey respondents say the next 3 years will be more critical to the industry than the last 50.
The report is built around responses to seven key questions:
- As the CEO, how do you approach innovation in your organization?
- What is your organization’s approach to innovation?
- How does your organization make use of disruptive technologies?
- Which risks most concern you?
- How prepared is your company for a cyber event?
- What forms of M&A or other significant deals do you anticipate in the next 3 years?
- What is your organization doing to accelerate execution of your strategy?
- 83% of CEOs are optimistic about industry growth prospects, with technology advancements, competitive and economic forces motivating rapid reinvention of core business operations
- 90% of CEOs have innovation in the top three on their personal agenda
- 71% are leveraging disruptive technologies to unlock customer relationship opportunities boosting sales and accelerating product development
- Cybersecurity is a major concern yet only 27% say their organizations are fully prepared for a major cyber event
- Over the next three years 29% expect to evolve via merger and 37% expect to be involved in an acquisition
- 51% say hiring talent to execute strategy is a top priority
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Digital Insurer's CommentsFrom the report: “What got you here won’t get you there.”
We can only say, “Amen.”
Regulatory, societal, technological, and competitive forces are redefining the possible, bringing change to an industry that hasn’t changed fundamentally in many, many years. This survey tells us 22% of insurance CEOs have innovation at the very top of their personal agenda. If only it named names, telling us who these 22% are so we could purchase their shares.
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