Insight

Insurance CEOs point to new technologies and M&A as critical for sustainable growth

KPMG’s Ed Chanda sees success coming from automation and increased use of cognitive technologies.

By Andreas Marathovouniotis

Insurance CEOs in the U.S. said that new technologies and M&A are critical for sustainable growth, as nearly all of them (95%) are confident about the growth prospects of their companies in the next three years, according to the 2018 KPMG CEO Outlook survey.

“However, real growth will come as insurers take advantage of new technology, M&A and alliances to transform the way they do business and enhance the customer experience,” said Ed Chanda, Insurance Sector Leader at KPMG LLP. To hear more about Chanda’s comments on the future of the insurance industry, please watch this video. 

In order to personalize the customer experience and transform into connected enterprises, insurers need to collect and maintain a large amount of information from their clients. Ninety-three percent of U.S. insurance CEOs said that protecting their customers’ data is one of their most important responsibilities as CEOs. 

Six in ten, 63 percent, also expect artificial intelligence to create more jobs than it eliminates.

According to Chanda, humans can shift from gathering information and preparing analyses to evaluating outcomes, solving problems and identifying opportunities. Companies need to prepare their current employees for the transition with clear communication and training.

To connect with Chanda to discuss the findings of the survey and the future of the insurance industry, please contact Andreas Marathovouniotis at amarathovouniotis@kpmg.com or at +201-307-7608.

To access the full report, please click here.

 

 

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Ed Chanda

Ed Chanda

Partner, National Sector Lead, Insurance, KPMG (US)

+1 614-249-1887