Technology will continue to reshape the re/insurance industry in 2017 and the way companies embrace change will determine the winners and losers of the future, says Richard Clark, head of business development and specialist commercial at Xuber, part of CSC.
2017 looks set to be another year of turbulence, challenges and change for the re/insurance industry as companies must again grapple with a backdrop of political and economic uncertainty and increased competition in their own industry as capacity continues to pour in.
That is the view of Richard Clark, head of business development and specialist commercial at Xuber, Xchanging’s insurance software business, who adds that these dynamics will make profits even harder to find. This, in turn, will drive companies to seek diversification and consolidation as companies seek efficiencies and cost savings wherever they can.
These pressures also come against a backdrop of new technologies entering the industry and revolutionising some sectors. Clark says these will emerge in a variety of forms and the extent to which players are able to embrace and successfully leverage these technologies may well determine how successful they will be going forward.