Oliver Wyman – The Future Is Now For Insurers, 2024

The report by Oliver Wyman - The Future Is Now For Insurers, 2024 highlights the challenges that insurers faced in 2023, including uncertainty, geopolitical conflicts, and the impact of the COVID-19 pandemic. The authors argue that the future is already here, with trends from the past decade accelerating. These trends include fully customer-centric experiences, risk fluidity against uncertain macro conditions, fully digital operating models, and an AI-augmented workforce. The authors emphasize the need for leaders in the industry to identify where they differentiate themselves, such as proprietary distribution and client access, customer data and insights, product innovation, asset origination and management, and risk management. They also emphasize the importance of building the right capabilities for their operating models, such as strategic partnerships, data/analytics, talent, and culture. The authors propose 10 actions for CEOs to take an offensive stance and succeed in 2024.