By: Luke Jones, Published on September 16, 2017 06:03 PM, Last Update on September 29, 2017 03:05 PM
A new study by KPMG shows that more insurance-based CEOs in the United States (79%) are confident of growth over the next three years, spurred by continued innovation and the willingness to adopt new technologies.
The data was compiled in the KPMG U.S. CEO Outlook Survey 2017. The audit, tax and advisory company gathered the data by polling 400 U.S. chief executive officers across 11 important insurance sectors: automotive, banking, infrastructure, insurance, investment management, life sciences, manufacturing, retail/consumer markets, technology, energy/utilities and telecom.
82% of CEOs say they are seeking disruption in the sector rather than to be disrupted by a rival, with 57% believing the disruption caused by technology is an opportunity and not a threat.
“Insurance CEOs are taking disruption head on by embracing new technologies and adopting new business and operational models,” Laura Hay, KPMG’s national insurance leader, said in the release. “There is a great need to build capabilities that are scalable, agile and sustainable, while meeting customer expectations.”
“The insurance industry is at a critical tipping point, and an enterprise-wide evolution is necessary to effectively compete in the digital age,” suggested Matt McCorry, insurance advisory leader with KPMG. “Understanding how to leverage data into new insights and value, and implementing the right technologies to improve efficiencies and the customer experience, are crucial for future success.”