CEOs in the insurance sector are confident about their company’s growth prospects over the next three years despite challenges in digital transformation, talent and sustainability, a survey of 120 sector leaders from across the world finds.
The KPMG CEO Outlook, now in its tenth year globally, revealed that 74 percent of insurance leaders are confident that they will be able to grow their business over the next three years — both in terms of earnings and headcount — with 93 percent expecting to increase the size of their workforce.
However, CEOs across the sector are dealing with a complex set of pressures and challenges as they look to grow their business while accelerating their digital transformation. Talent remains a key concern as CEOs attempt to attract and retain professionals with the right skills to support technology-enabled business transformation. Furthermore, just 54 percent say they are ‘well prepared’ for a cyber attack (down from 66 percent last year), and only 43 percent think their cyber strategy can keep up with the rapid advancements enabled by AI. It’s therefore no surprise that 81percent reported that Gen AI is a top investment priority for their organization and that the technology will be a key driver in increasing their headcount.
Environmental, Social and Governance (ESG) also continues to be a key focus for many insurance organizations, with 63 percent of respondents confident that they will meet their net zero goals by 2023.
Frank Pfaffenzeller, Head of Global Insurance, KPMG International, said:
“Insurance CEOs are highly focused on accelerating their digital transformation while delivering on their ESG agenda and enhancing productivity. To drive each of these forward, they recognize the need to infuse the organization with new talent and to embrace new technologies — Gen AI in particular — if they hope to achieve their growth objectives. Those organizations that move further and faster toward a sustainable and digitally enabled future could gain a significant market advantage.”
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