Bermuda & Caribbean Insurance CEO Survey
PwC recently held its Bermuda & Caribbean Insurance CEO Survey, providing unique insights into the market.
A spokesperson said, “Caribbean region insurance CEOs are more confident in their own organisation’s revenue prospects than in economic growth in the region, and are focusing on digital transformation to drive growth.
“In order to battle the headwinds and be successful, CEOs are looking towards digital and a sharper focus on changing customer needs as two key areas to differentiate and win, according to PwC’s Caribbean Insurance CEO Survey 2019.
“Our first biennial survey of CEOs of leading personal lines insurers across the Caribbean has provided unique insights into this market. While generational change is still buffeting the insurance industry, many insurers are becoming more comfortable with new technologies and changing from product-focused to customer-centric organization.”
“Over two-thirds of CEOs surveyed have a neutral or negative view of growth in the Caribbean and yet 87% are confident about their own growth.
“60% said that they felt either confident or very confident about their own growth prospects in the next 12 to 24 months.
“60% of CEOs see digital and technological capabilities as their growth catalys t and 26% see the customer experience as being critical as well.
“Based on PwC’s Global Annual CEO Survey 2019 – Insurance trends these are two critical areas that insurance companies around the world have been investing in for some time and beginning to reap the benefits.”
Arthur Wightman, PwC Bermuda and PwC in the Caribbean Insurance leader, said, “The current frontrunners are redirecting their roadmaps and investments to high priority business areas to differentiate themselves in the market.
“Consumers want choice, flexibility, simplicity and personalisation in what they purchase, the channels they use, and how they interact with carriers. Technology modernisation comes in many forms with sensory techniques, mobile technology, risk analytics and Internet of Things connectivity allowing insurers to leap forward.
“Smaller scale change can help too with millennials far more likely to purchase insurance online and be comfortable with chat functions, automated claims settlement and the use of telematics. This places digital within reach of companies that do not have multi-million dollar investment funds.”
The spokesperson said, “Successful technological transformation demands buy-in and upskilling throughout an organisation.”
Marisa Savage, Insurance partner, PwC Bermuda, said, “The majority of the CEOs we surveyed plan to harness technology to bolster profitability and drive growth in their business.
“The key to success will be approaching technology with the changing customer base at front of mind and finding business partners to enable technology development at an appropriate level of investment for insurers operating in the Caribbean.”
The full Bermuda & Caribbean Insurance CEO Survey follows below [PDF here]:
