PwC: Top insurance industry issues in 2018

PwC: Top insurance industry issues in 2018

Image: 
Chamber Member News Post Date: 03/22/18 Source: PwC By: PwC
Intro Links: 
Summary

Insurance is an industry under stress

According to the PwC's 20th CEO Survey, a higher percentage of insurance CEOs than those in any other industry are extremely concerned about the threats to their growth prospects from over-regulation, the speed of technological change, changing customer behavior, and competition from new market entrants.

In short, the entire insurance business model is being disrupted. At PwC's Financial Services Audit and Risk Committee Forum (FSARCF), one-third of insurance attendees cited technology – including the new market entrants that are often behind technological change – and customers' expectations for 24-hour service as the most disruptive forces on the insurance business. Read Full Article