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The UK Insurance industry is facing wholesale transformation driven by digitisation, changing customer expectations, and the rise of insurtech. It's not just consumers' demand for personalised digital services, the historic London Market is also embracing change with Lloyds of London's Blueprint 2.
Insurers also face a complex regulatory environment and must use data and analytics ethically to improve risk management. With retaining and recruiting top talent more competitive than ever and ESG considerations becoming increasingly important, insurers must pivot to more sustainable practices.
Companies who are agile and innovative, and are able to drive change at scale will gain a significant competitive edge.
Partner, UK Insurance Leader and Global IFRS 17 Lead, PwC United Kingdom
Tel: +44 (0)7525 299694