Insurance industry leaders from across Europe forecast high inflation and interest rates, attracting and retaining talent, and digital transformation will have the greatest impact on their organisations’ ability to secure future revenue growth in 2024, according to a survey conducted by WTW, the global advisory, broking and solutions company.
The snap poll was conducted at WTW’s inaugural European Insurance Leaders’ Forum in Brussels and surveyed business decision-makers and experts from across the industry.
Inflation and interest rate volatility was ranked by respondents as the most significant barrier to securing future revenue growth in 2024 (25%), closely followed by attracting and retaining talent (24%) and digital transformation (20%).
The ongoing turbulent geopolitical landscape was viewed as a less significant threat with only 15% of insurers reporting this a barrier to revenue growth in 2024.
Regulation (13%) also did not feature as prominently as a short-term risk over the next 12 months relative to other global risks.
Insurance companies expect tough and volatile macroeconomic conditions will have a major impact on growth and margins in 2024Tammy Richardson – European Regional Leader, Insurance Consulting and Technology at WTW
Tammy Richardson said: “Shifts in technology, talent and customer expectations, alongside the search for pockets of sustainable growth, will also continue to drive efficiency improvements in organisations’ operations and accelerate changes to business models, products and culture, not only to fuel profitability but to remain relevant and survive.”
When asked what their insurance technology priorities would be in 2024, enhancing data collection and management of that data was the top concern, according to 19% of insurers. This was followed by improving the customer experience (15%) and digital transformation for underwriting and pricing (11%).
WTW polled 75 insurance industry leaders from over 45 companies on 19 October 2023 as part of its inaugural European Insurance Leaders’ Forum in Brussels.
by Yana Keller