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Kerr, Partner and Insurance Practice Leader Growth Markets Unit |  |\n\n© Copyright IBM Corporation 2009  \nWith the dust settling from the Global Financial Crisis, what new challenges does the Insurance industry face?   \n􀂃 Which forces could disrupt the industry landscape?  \n􀂃 What are clients expectations and what will they pay for?  \n􀂃 How will the basis of competition change?  \n􀂃 What steps must firms take today to win?  \n2009 saw disruption and volatility in markets, radical swings in sales, impacts in consumer confidence   \n􀂃 While most insurer core operations were stable, decision making became very short term in nature  \n- Multi Nationals with banking components needed cash flow from all global entities  \n- Sales shifted from Unit Linked/Investment to traditional insurance – with impacts on profits and operations  \n- Market uncertainty created budget uncertainty – so capital and operational investment dropped  \n􀂃 With markets stabilizing and recession receding in many countries, is it back to “Business as Usual”?  \n􀂃 IBM’s insurance industry research over last 5 years has shown an increasing trend towards foundational shifts in the industry, and the need for innovation  \n􀂃 Additional research was needed to look at the impact of the Financial Crisis, both from the insurer side and, just an important, from the consumer side  \nWe surveyed close to 10,000 individuals and conducted secondary research to determine how firms will compete for the future   \n􀂃 Which forces will disrupt the industry landscape?  \n􀂃 What will clients pay for?  \n􀂃 How will the bases for competition change?  \n􀂃 What steps must firms take today to win?  \nScope Approach  \n􀂃 Our analysis focused on gaining insights from selected industry industry participants:  \n- Life insurers  \n- P&C insurers  \n- Comprehensive providers (Bancassurer etc. )  \n- Regulators  \n- Academics  \n􀂃 We surveyed 7,655 consumers and 2,569 business leaders from 500 firms2:  \n- Qualitative interviews of 50 executives  \n- Survey of 2,469 executives, in partnership with the Economist Intelligence Unit and the CFA Institute  \n- 33% Americas, 35% EMEA3 and 32% Asia  \n􀂃 We conducted secondary research and developed quantitative models  \nNote: 1Primary research was conducted from August 2008 through December 2008, 285% of business leaders are Board or C-level, EVP or divisional head with the remainder Director, SVP or VP level; 3EMEA is Europe, Middle East, Africa  \n4  IBM Global Business Services | 07.06.2010 © Copyright IBM Corporation 2009  \nInsurers must balance prudence with innovative operational  \nexecution to keep ahead of the game   \n1. Given the fallout from the Global Financial Crisis, insurers need to demonstrate fiscal prudence to garner and retain their clients‘ trust.  \n2. Insurance continues to be a local business – Global insurers must recognize that one size does not fit all when entering new markets  \n3. While the basic business model of insurance remains consistent and sound, innovation around front and back office processes and functions will produce benefits  \n4.  Understanding and connecting to customers is central to success  \nFindings   \n1. Given the fallout from the Global Financial Crisis, insurers need to demonstrate fiscal prudence to garner and retain their clients‘ trust.  \n2. Insurance continues to be a local business – Global insurers must recognize that one size does not fit all when entering new markets  \n3. While the basic business model of insurance remains consistent and sound, innovation around front and back office processes and functions will produce benefits  \n4. Understanding and connecting to customers is central to success  \n[Insurance vs. financial](Insurance vs. financial) services  \nWhile banks profited from lack of transparency in the markets, i","cbCaibHHlyfBI8pJ","https://ap.wps.com/l/cbCaibHHlyfBI8pJ","pdf",226800,"English","# Scope Approach\n## Insights from industry participants\n## Consumer and business leader survey approach\n# Insurers must balance prudence with innovation\n## Fiscal prudence and client trust\n## Local execution for global insurers\n## Innovation in processes and functions\n## Customer understanding and connection","[{\"question\":\"What key challenges does the Insurance industry face after the Global Financial Crisis?\",\"answer\":\"The document highlights new disruption and volatility pressures, shifting client expectations, and changes in the basis of competition. It also notes short-term decision making and budget uncertainty that affect capital and operational investment.\"},{\"question\":\"Which forces could disrupt the insurance industry landscape?\",\"answer\":\"It focuses on disruption drivers that influence how firms compete for the future, what clients will pay for, and how competitive advantage evolves. These forces are assessed through analysis of multiple industry participant perspectives and supporting research.\"},{\"question\":\"What steps must insurers take to stay ahead?\",\"answer\":\"Insurers should demonstrate fiscal prudence to earn and retain trust, recognize insurance’s local nature when entering markets, and innovate across front and back office processes. The document also stresses connecting to customers as central to success.\"}]","Balancing the Scales - Toward a Stable and Dynamic Insurance Future - Conference Submission | PDF",1789153110]