The KPMG 2024 Insurance CEO Outlook provides a comprehensive analysis of the current state and future prospects of the global insurance sector.
Conducted by KPMG Global, this thought leadership piece offers valuable insights that are particularly relevant to the Irish market, highlighting the key trends, challenges, and opportunities that insurance CEOs are focusing on.
Despite economic headwinds, insurance CEOs are confident about their growth prospects over the next three years. The report reveals that 74% of insurance CEOs are optimistic about their company’s growth, with 59% expecting earnings growth of more than 2.5%. This confidence is underpinned by a focus on digital transformation, ESG initiatives, and talent acquisition.
Generative AI (Gen AI) is a top investment priority for 81% of insurance CEOs, despite ongoing economic uncertainty. The technology is seen as a key driver for enhancing operational efficiency, improving fraud detection, and personalising customer service.
However, the implementation of Gen AI comes with its own set of challenges, including ethical considerations, technical capabilities, and regulatory compliance.
The insurance sector is also experiencing shifts in workforce dynamics. CEOs are keenly aware of the need to attract and retain talent, particularly those with the skills to support technology-driven transformations.
The report indicates that 93% of insurance CEOs plan to increase their workforce over the next three years, with a strong preference for in-office work. This shift is accompanied by incentives for employees who make the effort to return to the office.
Environmental, Social, and Governance (ESG) factors continue to be a major focus for insurance CEOs. The report highlights that 63% of CEOs are confident their organisations will meet their Net Zero goals by 2030.
The commitment to ESG is driven by both regulatory demands and the recognition of its importance in building customer relationships and enhancing brand reputation.
To navigate the complex landscape, insurance CEOs have outlined several strategic priorities. These include advancing business digitisation, executing ESG initiatives, and enhancing the employee value proposition to attract and retain top talent.
The emphasis is on creating a balanced approach that addresses immediate challenges while positioning the organisation for long-term success.
The KPMG 2024 Insurance CEO Outlook provides a detailed roadmap for insurance leaders as they navigate the evolving landscape. By focusing on innovation, workforce dynamics, and ESG initiatives, insurers can position themselves for sustainable growth and success.
We invite you to explore the full report and gain deeper insights into the strategies that will shape the future of insurance.
If you have any queries related to the findings of the KPMG 2024 Insurance CEO Outlook or how these insights can be applied to your organisation, please don’t hesitate to contact our team below. We’d be delighted to hear from you.
