Going fully digital to meet increasing customer expectations
Top macro trends cited by executives include technology and digital acceleration, changing social demographics, and climate change. Rising customer digital expectations are driving the need for technology and digital acceleration, while a shortage of IT talent is the most impactful social demographic change. Climate change initiatives focus primarily on making buildings and operations greener; however, executives are beginning to pursue greener investments as well.
Digitization for life and pension organizations accelerated during the global pandemic. Even traditional firms realized their need to transition to remote customer contact, digital document exchange, and other digital ways of working. Executives also are investing in the customer experience, modernization, and supply chain reconfiguration to drive change, compete with insurtechs, and future-proof their businesses.
Further, the increasing number of ransomware attacks has led to an increased focus on cybersecurity, while regulatory compliance dropped in importance, indicating firms are in line with regulatory requirements and focusing on other priorities.
View key findings from our conversations with life and pension insurance executives in 2022 below, or download our report.
For more insights on macro trends, including social demographics, climate change, deglobalization, technology acceleration and supply chain reconfiguration, read our summary.