Duck Creek’s recent global survey presented insurance professionals with the following question:
Most of the insurance industry’s growth can be credited to inflation, increased costs of living or doing business, and general economic growth. Do you think there is scope for the insurance industry to increase its relevance and growth above and beyond this?
Over 90% of respondents felt there was scope for the insurance industry to increase its relevance and growth above and beyond inflation and general economic growth – a resounding response.
This question attracted a lot of comments from senior (re)insurance executives, with common themes emerging around the need to explore new markets where insurance penetration rates are low, and the opportunity to provide better products that align to new business models and consumer demands.
Respondents also highlighted that the insurance industry needs to be bolder about embracing change and reinventing the relevance of insurance products for the public, as well as the need for the market to make a real commitment to change and simplifying processes, harnessing more data-driven insights – and finally a number of commentators flagged the need for more up-to-date and flexible regulation.
Download the full white paper – The New Standard in Insurance – why do we need it and what should it look like?