Facing the Future: Blueprint for Growth – State Street

Article Synopsis :

With digital trends shaping the global insurance sector landscape, it’s paramount that top management have a clear understanding of the forces that will drive the industry’s future.

Industry opinion on the future of insurance

The State Street study “Facing the Future : Blueprint for Growth” is based on a  survey of more than 300 senior industry executives and provides a range of in-depth discussions with corporate leaders and experts. The survey results identify key areas where the insurance industry is developing new approaches to help firms compete in a demanding and unpredictable environment. Key conclusions of the study are:

• Regulation is changing the game
• Emerging markets offer growth potential, but the price of entry is rising
• Demographic trends and new customer segments will drive product innovation
• New technology has made revamping distribution models a top priority
• Non traditional asset classes could boost investment return, but insurers need to develop the tools and expertise to manage them
• Consolidating data systems would help many companies improve efficiency
• As markets and regulations evolve, companies should selectively outsource

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