Digital transformation a top concern of insurers
Flaspöhler, part of NMG Consulting, conducts an annual, global survey of brokers and insurance executives designed to illustrate reinsurers’ competitive positioning and respondents’ main concerns in a rapidly changing industry. Here, we reveal the top challenges insurance executives across Asia-Pacific revealed.
As part of most recent study, Flaspohler | NMG Consulting asked insurance executives across Asia-Pacific to provide their view of the “greatest challenges” facing their industry (and thus their organisations) today.
Themes relating to the pricing cycle, competitive intensity, margin compression and the like dominated across Asia-Pacific, more than in any other region. Innovation and new technology were visible but lower than seen in other regions.
Nevertheless, variances between regions were evident. In Australia and New Zealand, concerns were more about margin preservation and pricing adequacy and the threat from new entrants. In China, falling prices dominated insurer concerns. In Japan and Korea, risk management and cyber risks featured more prominently than elsewhere.
Word clouds (shown below) provide a unique high-altitude perspective, that draws out common themes in an aesthetic which is easy to digest. The more often a word/phrase is used by respondents, the larger it appears in the cloud.
While word clouds can never provide the statistical accuracy of coded and counted responses, they can illustrate subtle differences between answers of similar but different responses, as well as provide helpful insights into the overall tone of responses.
For readers who prefer a more traditional way of viewing the information, we have also supplied a bar chart.
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