Insurers are facing a future marked by rapid digital transformation, with 95% of those surveyed believing their jobs will change significantly over the next five years due to technological advances. A Deloitte survey of 200 insurance professionals reveals that these changes are largely seen as beneficial, with 87% expecting increased efficiency, and 83% predicting improved customer experiences.
Yet, despite recognising the importance of technological change, insurers are less confident about their ability to adapt. Only 30% of respondents feel they have the required skills to navigate this digital future, and just 28% believe their company’s training programmes are adequate.
The speed of technological change is also a concern, with 80% of respondents identifying it as a challenge. Another concern is the struggle to recruit and retain digitally savvy staff, with 74% of respondents finding it difficult to attract and keep the right talent.
Insurers are also worried about the risk of disruption from tech-savvy competitors, including InsurTechs and Big Tech firms. Around 79% of respondents see these companies as a threat, with 77% believing they could lose business to these competitors within the next five years.
Overall, the future of insurance appears to be digital, but many insurers feel unprepared for the challenges ahead. They recognise the benefits of technology but are unsure how to adapt and compete in this rapidly changing landscape.
Go to source article: https://www2.deloitte.com/us/en/insights/industry/financial-services/future-of-insurance-survey.html?id=us:2sm:3li:4di_gl:5eng:6di