10 Insurance Industry Trends Shaping the Future of Insurance in 2024

With significant change in the insurance industry accelerating, insurers are faced with growing challenges but also opportunities. But embracing change requires a higher level of sophistication and commitment to digital transformation than many insurers are prepared for.  Insurance leaders of tomorrow cannot be built on the business model and technology of the last few decades that we use today.

While many insurers have been on a continual quest to modernize their technology and transform the business, many of these efforts have often been incremental and short-sighted based on a legacy mindset of “this is how we have always done insurance”.   The time has come for insurers to advance past this mindset to a mindset that sees the world has shifted and they must too.

Read this report to better understand:

• The impact that issues such as inflation, supply chain challenges, rising interest rates, declining profitability, increased loss ratios, growing loss of talent from expedited retirements, and much more are having on the insurance industry in 2024 and beyond.
• The operational impact of legacy systems in today’s world of increasing losses, high costs, fight for talent and shifting customer needs and expectations.
• Importance of product innovation and speed to market to close the ever changing risk environment, protection gaps, and customer expectation gaps that are continuing to grow and shift.
• Where growth opportunities exist in different market segments and products.
• How the explosion of advanced data and analytics – including Gen AI – will power the growth and leadership positions for insurers over the next decade.
• Why meeting the digital demands both short and long-term will require the embracement of a next-gen architecture.