Jun. 17, 2013 – Towers Watson, in cooperation with the International Insurance Society, recently conducted a survey of more than 500 insurance experts to learn which megatrends are of most concern to insurers, and how prepared they are to address their potential impact over the next two years and then over the next five years.
Insurers cited capital management and regulatory challenges as having a significant impact on their business over both time frames, and responded that they are prepared to meet them. But what is worrisome is a lack of preparation for other trends that will distinguish successful companies. Respondents are least prepared for the rise of social media (29%), big data (32%), and future needs for talent attraction and retention (33%).
This uneven level of preparedness to meet megatrends should give the industry pause – it needs to consider whether “been there, done that” is adequate preparation for megatrends that, quite literally, are unlike any we’ve seen before.
Click here to download the survey summary from Towers Watson.
Results at a Glance
- A majority of respondents rank capital management, economic volatility and regulatory change as trends that will significantly impact their business over both two- and five-year periods.
- Over the next five years, attention starts to shift to other megatrends – notably the impact of demographic change, “big data,” the rise of social media, and the expected challenge of talent attraction and retention.
- Companies were most prepared to handle megatrends that are game stakes for insurers – capital management and regulatory matters.
About Towers Watson
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