2021

Insurance industry foresight 2021

1000+ open ended predictions and views from the industry's senior leaders

 

With Resonance Asia, we surveyed the insurance industry's most senior leaders, asking with 4 big questions about the future:

What is the biggest risk?  And the biggest opportunity?

What changes do you wish for? And what changes do you expect?

With more than 70% of respondents having 20 or more years of experience (and more than 10% from the C-suite) we gained an inside look at the challenges and priorities the industry faces. Hover over the dots below to see what they said (Viewable on desktop only)

 

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Push the slider on the lower right of the map to contrast the high level narratives with the sub narratives revealing the specific areas of risk and opportunity.  

Top Risk?  72% from external narratives - Talent and resources is top internal risk

The primary risks cited by insurance leaders were external, including the economic landscape (13% of all risks), geopolitics (12%) and the pandemic (10%).  Among the internal risks, talent and resource concerns were the most prominent, representing 9% of all risk responses.

Top Opportunity?  Relevant new propositions and Digital/data comprise 52% of 

opportunity responses 

Respondents cited new, more relevant propositions and experiences along with digital transformation and data as the primary opportunities. Move the slider above to get to the 15 cluster map and read the individual responses by hovering over the dots 

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"Wished for" changes versus changes expected in 5 years

 

The open-ended responses on wished-for vs expected opportunities revealed clear axes.  Specific capabilities versus broader systems on one, and vision/values versus delivery choices on the other.  Tellingly, business model is in the center, as this narrative is relevant to each of the other topics on the map.  Use the slider on the lower right to see the detail underneath these high level axes.

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A wishes versus expectations gap?

 

A significant contrast emerged when comparing the wished for changes with the expected ones.  Vision and values were often cited as a primary wish, but very seldom mentioned as an expectation.  Delivery choices (which included digital transformation and distribution choices) was also relatively imbalanced:  many executives wish for these things, yet few express the expectation they will happen.

This suggests that leaders may not feel high confidence that these agendas will gain enough traction, or succeed in changing the broader industry. 

Conversely, the development of new business models and specific capabilities (particularly in data/digital) were widely cited expectations. However, there was little mention of distribution as an expected change.  Use the slider to go to the more detailed map, revealing the specific changes leaders anticipate.

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