2022 Global Insurance Outlook: Growing with people, purpose and tech

Ecosystems, open insurance, workforce transformation and sustainability define near-term prospects for the insurance industry.

The 2022 Global Insurance Outlook revealed a dynamic and purpose-driven time for the insurance industry, to focus on open insurance and ecosystems, workforce transformation and sustainability. Cost and capital optimization remain imperative, as evidenced by the recent strategic divestments of many leading insurers.

Insurers must continue to address their technology debt by digitizing core processes, migrating to the cloud and embracing flexible sourcing models. The current landscape is notable for its widespread collaboration, as well as fragmentation; convergence and intense competition, including that from a mix of non-traditional players.

Carriers will look to partner with or acquire the most promising InsurTechs, and bank and asset managers will offer more protection products and seek to differentiate on holistic financial wellness value propositions, forcing insurers to choose between collaboration and competition.

Finally, the insurance industry must seek to lead with purpose and live up to its highest aspirations, particularly in the wake of the COVID-19 pandemic.

Read the full report here.

In an interview with The Edge, Christina Low, Partner, Ernst & Young Consulting Sdn Bhd, shared how digital insurers are adopting new business models to deliver insurance services and acquire customers through new products and channels, particularly by creating essential user experience. Read more here.

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