Insuring the future amidst chaos and tech breakthroughs

TLDR: The 2023 KPMG Global CEO Outlook Survey reveals that insurance executives maintain a positive outlook on growth opportunities in the industry, despite compound volatility caused by disruptive events such as the pandemic and extreme weather. CEOs are pursuing digital transformation and investing in emerging technology to meet policyholders’ needs and maintain a competitive edge. Generative AI is a top investment priority for insurance leaders, who recognize its potential to increase profitability and enhance fraud detection and cyberattack response. However, executives also view the current lack of regulations as a substantial barrier. Insurance organizations must understand the regulatory landscape of emerging technologies to deploy them ethically. Investing in technology can also help address the talent gap within the industry and attract tech-savvy professionals skilled in artificial intelligence, data analytics, cybersecurity, and machine learning. Insurance companies must strengthen their infrastructure and legacy systems to prepare for potential cyberattacks. The ability to attract and retain talent may also depend on the work environment, with a majority of insurance leaders envisioning an in-office setup in the next three years. Despite the challenges, insurance CEOs remain committed to investing in digital innovation to position their companies for transformation and growth.