Insurance is facing more disruption than any other industry, posing threats for some and opening up promising commercial possibilities for others. What does this mean for your business? Are you equipped to compete?
In 2010, we began carrying out scenario analysis around the trends reshaping insurance and what the industry would look like by 2020. Our ideas drew on interviews with more than a thousand executives worldwide. We’ve released several publications over the last four years that describe our findings.
Insurers and industry stakeholders have been using Insurance 2020 to help them judge the implications of these trends for their particular organisations and determine the strategies needed to respond. Insurance 2020’s central message is that whatever organisations are doing in the short-term – whether dealing with market movements or just going about day-to-day business – they need to be looking at how to keep pace with the sweeping social, technological, environmental, economic and political (STEEP) developments ahead.
Now we’re at the mid-point between 2010 and 2020, we thought it would be useful to review the developments we’ve seen against our initial projections and look ahead to the major trends that we’re likely to see over the next five years and beyond.