The ‘2023 EY Global Insurance Outlook’ reveals that insurers plan to prioritize digital transformation and refresh their approach to recruitment in the year ahead to remain competitive and keep pace with growing consumer demands around digital experiences. "From a deteriorating economic outlook to disrupted supply chains and ongoing geopolitical conflict, insurers are exposed to a plethora of market headwinds," says Janice Deganis, EY Canada insurance leader.
The ‘2023 EY Global Insurance Outlook’ reveals that insurers plan to prioritize digital transformation and refresh their approach to recruitment in the year ahead to remain competitive and keep pace with growing consumer demands around digital experiences. "From a deteriorating economic outlook to disrupted supply chains and ongoing geopolitical conflict, insurers are exposed to a plethora of market headwinds," says Janice Deganis, EY Canada insurance leader. "Layer in spiking interest rates or inflation and it becomes clear that in order to survive and sustain a brighter future, insurers need to reinvent their business models in Canada with an innovative and human-centric digital approach." The outlook finds that senior demographics are bringing their own distinctive set of factors. Retirees, in particular, are looking for a hybrid approach to accessing education and advice on product offerings and are seeking solutions that address intergenerational well-being or wealth saving strategies. To do this, the report demonstrates how cloud technology can support real-time data feeds that allow insurers to maintain relevant among younger clients who shop for policies through non-traditional, online channels, and expect similarly digital service experiences. About 60% of insurance companies in Canada consider ESG (environmental, social, and governance) in underwriting and new product development practices. At the same time, they're looking to increase accessibility in insurance overall by developing incentive programs to allow members to access better rates and by ensuring individuals or property that were previously uninsurable, now have access to coverage.
