In a recent survey conducted by global advisory and solutions company WTW at its inaugural European Insurance Leaders’ Forum in Brussels, industry leaders identified key trends that are expected to shape the insurance landscape in 2024.
Respondents highlighted high inflation and interest rates as the most significant barriers to securing future revenue growth in 2024, with 25% considering it a major concern.
Attracting and retaining talent emerged as a close second, with 24% of insurance leaders recognising it as a critical factor influencing their organisations’ growth.
The survey also emphasised the increasing impact of digital transformation, with 20% of respondents citing it as a key trend affecting the industry’s ability to secure future revenue growth.
Despite a turbulent geopolitical landscape, only 15% of insurers viewed it as a significant threat to revenue growth in the coming year. Regulation, while always a consideration, ranked lower on the list of short-term risks, with only 13% identifying it as a major barrier.
When asked about technology priorities for 2024, insurance leaders outlined the following key areas: enhancing data collection and management took the top spot, with 19% of insurers recognising its importance for future operations, improving the customer experience closely followed, with 15% of respondents emphasising its significance, and 11% of insurers identified digital transformation for underwriting and pricing as a priority for the upcoming year.
Tammy Richardson, European Regional Leader, Insurance Consulting and Technology at WTW, commented on the findings, stating, “Insurance companies expect tough and volatile macroeconomic conditions will have a major impact on growth and margins in 2024. Shifts in technology, talent and customer expectations, alongside the search for pockets of sustainable growth, will also continue to drive efficiency improvements in organisations’ operations and accelerate changes to business models, products and culture, not only to fuel profitability but to remain relevant and survive.”
WTW conducted the poll on October 19, 2023, during its European Insurance Leaders’ Forum in Brussels, gathering insights from 75 industry leaders representing over 45 companies.
