Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • March 2018
03

Insurance industry fears technological change more than any other sector

Open-access content Monday 19th March 2018 — updated 5.50pm, Wednesday 29th April 2020

Insurance CEOs are more concerned about the pace of technological change than leaders in any other industry, according to a global survey by PricewaterhouseCoopers (PwC).

2

It finds that more than eight in ten insurers are worried about shortages of digital skills, with less than a fifth currently able to easily attract innovative staff.

Although this was found to be a challenge in all sectors, the insurance industry is most concerned, and continues to be one of the most disrupted in the global economy.

"Insurance has typically been a sector slow to innovate, but there is no time to lose - getting up to speed demands a clear strategy," UK PwC insurance leader, Jim Bichard, said.

"CEOs know that if they are not transforming and harnessing the positive power of technology, they risk being left behind."

Approximately 85% of insurance CEOs said they were concerned about technological change, although the biggest worry was over-regulation, cited by 95% of respondents.

Some 93% are worried about cyber attacks, making it the second-biggest perceived risk, although 40% of business leaders across all sectors are now "extremely concerned" about cyber threats, compared with 24% in 2017.

It was also found that 66% of insurance CEOs are under increasing pressure to deliver businesses results under shorter timelines, while 78% believe changes to consumer behaviour threaten growth.

Despite these challenges, more than 90% are confident about their organisation's revenue prospects over the next three years, with digitalisation of the global economy thought to present opportunities for insurers.

It was also found that nearly half are planning a new strategic alliance or joint venture to drive profitability and growth over the next 12 months.

"As companies across the world change the way they do business, they will be looking to the insurance industry for help in guarding against new risks and fuelling their own growth," Bichard continued.

"This is a huge opportunity for insurers to provide innovative new products and help protect society from the new risks associated with flexible workforces, connected homes and cyber threats."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our March 2018 issue of The Actuary.
Click here to view this issue
Filed in:
03

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ