General Insurance Article - Insurers predict top trends for 2024

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 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.

 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%).

 Tammy Richardson, European Regional Leader, Insurance Consulting and Technology, WTW, said: Insurance companies expect tough and volatile macroeconomic conditions will have a major impact on growth and margins in 2024. 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.”

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