Executive Search & Leadership Advisory
The insurance industry is observing a slow but radical transformation that’s driven by a multitude of trends, such as increasing importance of data analytics, disaggregation of the insurance value chain, and the trend of insurance companies providing value-added services in order to stand out from their competitors. While embracing the change may be hard, insurers who remain successful at anticipating and preparing for transition will be able to enjoy exceptional rewards in the future.
Traditionally, the process of applying for an insurance policy has remained resource- and time-intensive. However, as more and more consumers demand simplicity, transparency, and agility in their transactions with insurance companies, insurance companies are feeling compelled to reevaluate their value chain and make their processes more customer-centric. What’s more, investments in mobile and interactive technologies have become a necessity for providers to fulfill customers’ expectations of agility and responsiveness.
The shift from a reactive to a preventative business model has also transformed the way insurance companies work. Propelled by the adoption of Big Data and data analytics technologies, this transformation has allowed commercial insurers to mitigate risks, improve productivity, and generate more revenue.
While the adoption of latest technologies holds great potential for the insurance industry, there is a multitude of challenges to overcome as well. Over the past two decades, the world has witnessed more frequent and severe catastrophic events, as well as manmade disasters. These incidents result in a higher number of claims for business interruptions and expenses, leaving a significant impact on the performance of insurance companies. Addressing these types of risks requires a more sophisticated approach that is based on unique risk-sharing and risk transfer strategies.
For insurance companies with operations in multiple countries, the increasing attractiveness of emerging markets, combined with increased regulation in developed countries leads to a need of strategy reevaluation. The aging population of developed countries holds greater risk for insurance companies as compared to the working age population that continues to outnumber the dependent population in developing countries. While this presents an opportunity for insurers, expanding operations to new markets requires a careful evaluation of regulations, potential risks, and competitive landscape.
At Allen Austin, we help insurance companies grappling with these challenges achieve stability. With our leadership development and executive search practices, we help them accurately identify internal and external leadership talent. Our consultants use their knowledge and vast experience of the insurance industry to design systemic talent management strategies that are focused on helping the client accurately identify their leadership needs, compete for the top talent, and gain access to the best leaders who are capable of taking their business to new heights.