“The insurance industry faces a tremendous challenge as it pursues future growth. While profitable growth is the key to success in a mature industry like insurance, it can be prohibitively difficult to achieve through conventional strategies simply because the industry is mature,” said Rebecca Amoroso, Deloitte’s U.S. Insurance leader. “It is vital that insurance executives take a fresh look at the industry and seek fundamental change at all levels of the organization, from its people strategy to its client and product strategy to its processes and infrastructure.
“Insurers can drive growth by taking a holistic approach geared toward enterprise-wide improvements, including refocusing on their distribution networks, developing and delivering products geared toward the burgeoning retirement market, and understanding and realigning their business through analytics,” Amoroso said.
The report provides insight about insurance industry trends through a review of critical issues, an examination of core fundamentals and an analysis of underlying factors. Findings from the report include:
This is Deloitte’s 9th Global Insurance Industry Outlook. A copy of the report is available on Deloitte’s Web site at http://www.deloitte.com/us/insurance.